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Registered number: 11866535










ORBITAL MANAGEMENT SOLUTIONS LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
ORBITAL MANAGEMENT SOLUTIONS LIMITED
REGISTERED NUMBER:11866535

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
2,215,545
709,421

Cash at bank and in hand
  
-
244,982

  
2,215,545
954,403

Creditors: amounts falling due within one year
 6 
(2,428,630)
(1,119,781)

Net liabilities
  
 
 
(213,085)
 
 
(165,378)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
(213,086)
(165,379)

  
(213,085)
(165,378)


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.




J Myatt
Director

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 
ORBITAL MANAGEMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Orbital Management Solutions Limited is a private company limited by shares, incorporated in England
and Wales (registered number: 11866535). Its registered office is Digital Media Centre, County Way,
Barnsley, South Yorkshire, S70 2JW. The principal activity of the Company throughout the year continued
to be that of an employment agency for subcontractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the Company had net liabilities of £213,085. Accordingly, management have produced detailed forecasts and projections based on current and forecast growth rates. These forecasts have been subject to sensitivity analysis to ensure all likely scenarios have been considered. As a result, the director is confident that the Company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.

 
2.3

Revenue

Turnover represents the fair value of consideration received or receivable from the sale of consultancy services. Fair value reflects the amount agreed in the form of contractual charges for each type of service. Fee income is stated net of amounts collected on behalf of third parties such as sales taxes, goods and services taxes and value added taxes.
Turnover is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Right to consideration is based on the Company confirming completion of its contractual obligations in relation to the services provided.
The contractor will complete an assignment for an agency who will then pay Orbital Management Solutions Limited the agreed contract rate (after deducting their fee). Orbital Management Solutions Limited will then recognise the gross revenue in respect of this assignment and the cost of the contractor. Once the contractor then submits their timesheet, Orbital Management Solutions Limited will transfer the remuneration due to the contractor to them after deducting the fee (margin).
This means that there are two elements of revenue recognised; the gross revenue received from the agency which is recognised when the money is received from the agency (which is net nil as it is equal to the cost of the contractors), and the margin recognised when processing timesheets.

 
2.4

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. 

 
Page 2

 
ORBITAL MANAGEMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.4
Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initally measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arranagements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initally, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. 

 
2.5

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and any
deferred tax balances are reversed if and when all conditions for retaining associated tax allowances
have been met.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimate will, by definition, seldom equal the related actual results. The estimate and assumption that has the greatest level of uncertainty is addressed below: 
(i) Impairment of debtors 
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience. The bad debt provision as at the year end was £108,976 (2022: £56,368).


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 18).

Page 3

 
ORBITAL MANAGEMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
573,545
568,117

Amounts owed by group undertakings
1,642,000
140,000

Other debtors
-
1,304

2,215,545
709,421



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
2,428,630
1,119,770

Other taxation and social security
-
11

2,428,630
1,119,781



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



8.


Controlling party

The ultimate parent company is Orbital Payroll Group Limited, with a registered office of Digital Media Centre, County Way, Barnsley, South Yorkshire, S70 2JW. Consolidated accounts are prepared for Orbital Payroll Group Limited which can be obtained from Companies House.
Page 4

 
ORBITAL MANAGEMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was qualified.

The qualification in the audit report was as follows:

In the prior year, in seeking to obtain sufficient appropriate audit evidence in respect of the trade debtors balance as at 31 October 2022, we were unable to confirm or verify by alternative means the recoverability, completeness or accuracy of the balance. 
The nature of the Company’s (and the wider Group’s) business is that it processes large amounts of payroll data for its clients and often these clients trade with several different companies within the Group. In many instances, payments are made by clients either to the incorrect Group company or in round sum amounts with no payment reference to the original invoice being settled. 
Against the backdrop of Covid-19, a decision was taken by the Director to focus on continuing to deliver a high level of service to the Group’s clients and the collection of cash, rather than its allocation to the individual invoices raised. Accordingly, due to the sheer volume of transactions (both in invoices raised by Orbital and cash received from clients), a material level of unallocated cash received, and outstanding trade debtors existed across all Group Companies in the previous accounting period ended 31 October 2022. 
We were therefore unable to determine whether any adjustments might have been found necessary in respect of the amounts recorded or unrecorded for trade debtors, and the elements making up the Statement of Income and Retained Earnings and the Balance Sheet in the previous year. 
During the current year the Company have been able to identify and reconcile its unallocated cash to the appropriate historic outstanding debtor. These adjustments have been correctly reflected via the applicable intercompany account with no impact on the current year prfit and loss account. We have therefore been able to obtain sufficient and appropriate audit evidence in the current year to gain comfort around the recoverability, completeness and accuracy of the trade debtors balance as at 31 October 2023. 

The audit report was signed on 30 July 2024 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

 
Page 5