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Registered number: 12641371










ORBITAL PROFESSIONAL EMPLOYMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
ORBITAL PROFESSIONAL EMPLOYMENT LIMITED
REGISTERED NUMBER: 12641371

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
1,038,771
920,847

Cash at bank and in hand
  
523,212
94,172

  
1,561,983
1,015,019

Creditors: amounts falling due within one year
 6 
(1,624,352)
(1,004,078)

Net current (liabilities)/assets
  
 
 
(62,369)
 
 
10,941

Total assets less current liabilities
  
(62,369)
10,941

  

Net (liabilities)/assets
  
(62,369)
10,941


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(62,370)
10,940

  
(62,369)
10,941


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 3 to 6 form part of these financial statements.
Page 1

 
ORBITAL PROFESSIONAL EMPLOYMENT LIMITED
REGISTERED NUMBER: 12641371
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023


Page 2

 
ORBITAL PROFESSIONAL EMPLOYMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Orbital Professional Employment Limited is a private company limited by shares, incorporated in England and Wales (registered number: 12641371). It's registered office is Digital Media Centre, County Way, Barnsley, South Yorkshire, United Kingdom, S70 2JW. The principal activity throughout the period continued to be that of a payroll intermediary to contingent workers who are engaged on temporary assignments through recruitment agencies.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 £62,369. Accordingly, management have produced detailed forecasts and projections based on current and forecast growth rates. These forecasts have been subject to sensitvity 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 Professional Employment Limited the agreed contract rate (after deducting their fee). Orbital Professional Employment 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 Professional Employment 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.

Page 3

 
ORBITAL PROFESSIONAL EMPLOYMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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

Page 4

 
ORBITAL PROFESSIONAL EMPLOYMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 131 (2022: 81).

130 employees (2022: 80 employees) are contracted employees who are employed by Orbital Professional Employment Limited. These contracted employees are included in the calculation of the average number of employees above.


4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
3,104


Total current tax
-
3,104

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the calculated rate of corporation tax in the UK of 22.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit before tax
(73,310)
19,151


(Loss)/profit multiplied by calculated rate of corporation tax in the UK of 22.52% (2022 - 19%)
(16,508)
3,639

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,126
304

Remeasurement of deferred tax for changes in tax rates
(1,737)
-

Movement in deferred tax not recognised
17,119
(839)

Total tax charge for the year
-
3,104


Factors that may affect future tax charges

At the reporting date, the Company had trading losses available to utilise against future taxable profits of £64,390 (2022: £Nil). No deferred tax asset has been provided for these as they do not meet the criteria for recognition. 

 

Page 5

 
ORBITAL PROFESSIONAL EMPLOYMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
121,373
204,512

Other debtors
917,398
716,335

1,038,771
920,847



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
3,309

Corporation tax
-
3,104

Other taxation and social security
575,115
137,771

Other creditors
968,163
858,644

Accruals and deferred income
81,074
1,250

1,624,352
1,004,078



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £21,981 (2022 - £9,087). Contributions totalling £11,976 (2022 - £1,853) were payable to the fund at the balance sheet date and are included in creditors.


8.


Related party transactions

The Company had the following transactions with related parties, in which Jonathan Myatt is director and shareholder:

At the reporting date, the Company was owed £917,398 (2022: £716,335) from Orbital Umbrella Limited.

At the reporting date, the Company owed £403,736 (2022: £343,541) to Orbital Management Services Limited, £551,749 (2022: £511,749) to Orbital Management Solutions Limited, and £701 (2022: NIL) to Orbital Management Systems Limited.

9.


Controlling party

The ultimate controlling party is J Myatt.

 
Page 6