Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
COMPANY INFORMATION
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ORBITAL PAYROLL GROUP LIMITED
CONTENTS
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ORBITAL PAYROLL GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their group strategic report for the year ended 31 October 2023.
The principal activities of the group are to operate as a payroll intermediary offering outsourced self-employed and PAYE pay models to contingent workers who are engaged on temporary assignments through recruitment agencies.
2023-24 was a challenging year for the business. We experienced a drop in sales in the last half of the year which adversely affected turnover and gross margin. This was due to adverse market conditions which impacted the whole sector. Furthermore, we deemed that further provision against historic outstanding debt was required based on the age and collectability of the book debts.
The turbulent economic backdrop in the UK has impacted the construction sector with a number of large-scale construction projects being deferred to 2024 and several reputable companies going into administration. This has had a knock on effect on the business as a large proportion of workers are employed in this sector. Work has been ongoing on validation of historical debt with many customers now settling debt via payment plans or where the debt is deemed uncollectable making provision in the accounts for such. This exercise is expected to be completed during 2024. The business now has robust financial controls in place which limit exposure to bad debts so this is a legacy issue rather than an ongoing one. The business has now attained SafeRec accreditation which audits all our payslips in real-time, per pay run. This gives both workers and agencies the confidence that all payroll deductions are legitimate and all tax and national insurance contributions are being paid over to HMRC correctly. As an early adopter of SafeRec, it is felt we have a competitive advantage and an opportunity to expand market share over the coming years. Given the adverse market conditions and legacy issues regarding recoverability of debt it is felt that the modest pre-tax profit reported is reasonable. Moreover, now that the historical debt has been largely addressed, robust business processes and systems are in place and with the achievement of the SafeRec accreditation the business is well placed to grow back to previous levels of activity and importantly any increase in margin will not be eroded as has been the case in prior years.
The principal risks still include adhering to HMRC legislation and any sudden changes to how it interprets compliance enforcement for payroll intermediaries.
The business is sensitive to downturns in the construction industry and is seeking to mitigate this by targeting business within other areas such as education and healthcare.
The directors uses the following key performance indicator to monitor performance of the business:
Gross Margin: 0.9% (2022: 1.1%)
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ORBITAL PAYROLL GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
The Director of Orbital Payroll Group Limited has a legal responsibility under section 172 of the Companies Act 2006 in the way he considers, in good faith, would be most likely to promote the company’s success for the benefit of its key stakeholders as a whole. The Director recognises that building strong relationships with business stakeholders will enable the company to deliver on its long-term goals and operate the business in a sustainable way.
The director of the company has acted in accordance with a set of general duties and considerations which are detailed in section 172 of the UK Companies Act 2006. These are summarised below: • The likely consequences of any decision in the long term • The interests of the company employees • The need to foster the company’s business relationships with suppliers, customers and others • The impact of the company’s operations on the community and environment • The desire of the company to maintain a reputation for high standards of business conduct • The need to act fairly between all members of the company Engaging with stakeholders Employees The Group invests in the future of its employees and actively encourages career progression to maximise talent. To support this culture, we offer a diverse range of learning and development opportunities alongside recruitment of talent from the local area. We recognise the importance of communication with our employees and we actively seek opportunities to engage with our staff. Staff have regular meetings with their direct manager to feedback, agree objectives and seek appropriate support if needed. Customers Some of the business’ ongoing objectives are to achieve reputational growth and retain existing business, listen to client feedback and implement solutions. We pride ourselves on our integrity and the professional manner in which we conduct business. Environment The company’s approach is to create positive change and believe in being proactive on environmental issues to reduce our impact on the planet. We source materials from sustainable partners and innovate our processes to minimise our environmental impact, ensuring sustainability is maximised. Risk Management The business regularly reviews the risk the business is exposed to in terms of compliance, economic, health & safety and business continuity risks and actively looks to mitigate these potential risks.
This report was approved by the board on 30 July 2024 and signed on its behalf.
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ORBITAL PAYROLL GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The Director presents his report and the financial statements for the year ended 31 October 2023.
The profit for the year, after taxation, amounted to £89,790 (2022 - £60,940).
The Director who served during the year was:
The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We are hopeful that 2024 will see an upturn in the general economy and the construction sector in particular. With the advantage of SafeRec accreditation and much more robust business processes in place the business can focus its efforts on sales growth and we have successfully managed to achieve listing on a number of tenders due to holding the SafeRec accreditation. We expect sales to increase from Q2 onwards and plan to have an exit rate similar to FY22 levels. We are also targeting non-construction sectors such as education and healthcare to mitigate exposure.
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ORBITAL PAYROLL GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ORBITAL PAYROLL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBITAL PAYROLL GROUP LIMITED
We have audited the financial statements of Orbital Payroll Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.
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ORBITAL PAYROLL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBITAL PAYROLL GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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ORBITAL PAYROLL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBITAL PAYROLL GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Company; and
∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙reviewed the general ledger entries during the year to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were
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ORBITAL PAYROLL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORBITAL PAYROLL GROUP LIMITED (CONTINUED)
indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims;
∙considering relationships with HMRC and other relevant regulators; and
∙reviewing legal and professional costs to identify any indicators of litigation.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Cedar House
63 Napier Street
South Yorkshire
S11 8HA
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ORBITAL PAYROLL GROUP LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
REGISTERED NUMBER: 08837446
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.
The notes on pages 13 to 26 form part of these financial statements.
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ORBITAL PAYROLL GROUP LIMITED
REGISTERED NUMBER: 08837446
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
The Company has taken advantage of the exemption under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Company for the year was £180,000 (2022: £Nil).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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ORBITAL PAYROLL GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Orbital Payroll Group Limited is a private Company, limited by shares, incorporated in England and Wales. Its registered office is Digital Media Centre, County Way, Barnsley, South Yorkshire, S70 2JW. Its registered number is 08837446.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 03 November 2014.
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.
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. Management have worked tirelessly to clear the historic trade debtor balances across the Group and implemented additional controls whilst also reviewing credit terms with customers to ensure that current trade debtor balances remain recoverable. The Group are still collecting a number of historic balances via various methods and have sufficient provisions in place at the year end to mitigate the risk that the debtors default. It is of the view of management that the future pipeline of work is strong, and with the introduction of SafeRec, of which the Group is a founding member, they are able to provide additional clarity and confidence to both agencies and workers, which is thought to give the Group a competitive advantage. As a result, the director is confident that the Group will be able to pay its debts as they fall due. Turnover is recognised to the extent that the Group obtains the right to consideration in exchange for its performance. Right to consideration is based on the Group 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 the Group the agreed contract rate (after deducting their fee). The Group will then recognise the gross revenue in respect of this assignment and the cost of the contractor. Once the contractor then submits their timesheet, the Group 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.
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The Group 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. The Group 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:
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
12.Taxation (continued)
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
18.Deferred taxation (continued)
Capital redemption reserve
Profit and loss account
parent company.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £168,313 (2022 - £240,614). Contributions totalling £39,614 (2022 - £52,353) were payable to the fund at the balance sheet date and are included in creditors.
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ORBITAL PAYROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
The ultimate controlling party is J Myatt.
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