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Logo On Report
Registered Number: 07176976
England and Wales

 

 

 

ORLANDO REID LIMITED


Filleted Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Directors Jack Reid
Baljit Arora
Registered Number 07176976
Registered Office 1-3 Old Town
London
England
SW4 0JT
Accountants IBISS & CO Limited
188 Mitcham Road
Tooting
London
SW17 9NJ
1
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 November 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
IBISS & CO Limited
30 November 2023



....................................................
IBISS & CO Limited
188 Mitcham Road
Tooting
London
SW17 9NJ
02 August 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 67,099    83,874 
Tangible fixed assets 4 44,579    27,008 
111,678    110,882 
Current assets      
Debtors 5 2,750,793    1,837,328 
Cash at bank and in hand 608,166    452,676 
3,358,959    2,290,004 
Creditors: amount falling due within one year 6 (2,280,571)   (1,486,508)
Net current assets 1,078,388    803,496 
 
Total assets less current liabilities 1,190,066    914,378 
Creditors: amount falling due after more than one year 7 (558,023)   (374,727)
Net assets 632,043    539,651 
 

Capital and reserves
     
Called up share capital 1,000    1,000 
Profit and loss account 631,043    538,651 
Shareholders' funds 632,043    539,651 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 02 August 2024 and were signed on its behalf by:


-------------------------------
Baljit Arora
Director
3
General Information
Orlando Reid Limited is a private company, limited by shares, registered in England and Wales, registration number 07176976, registration address 1-3 Old Town, London, England, SW4 0JT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 5 Straight Line
Fixtures and Fittings 5 Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 15 (2022 : 10).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 December 2022 83,874    83,874 
Additions  
Disposals  
At 30 November 2023 83,874    83,874 
Amortisation
At 01 December 2022  
Charge for year 16,775    16,775 
On disposals  
At 30 November 2023 16,775    16,775 
Net book values
At 30 November 2023 67,099    67,099 
At 30 November 2022 83,874    83,874 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 December 2022 18,214    52,544    70,758 
Additions   39,654    39,654 
Disposals    
At 30 November 2023 18,214    92,198    110,412 
Depreciation
At 01 December 2022 12,795    30,957    43,752 
Charge for year 3,642    18,439    22,081 
On disposals    
At 30 November 2023 16,437    49,396    65,833 
Net book values
Closing balance as at 30 November 2023 1,777    42,802    44,579 
Opening balance as at 01 December 2022 5,421    21,587    27,008 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 89,008    215,061 
My Deposits 708,928    725,273 
Tenancy deposits 859,810    353,443 
Other Investments 40,000   
Orlando Reid Manchester-current year 83,927   
1,781,673    1,293,777 

5.

Debtors: amounts falling due after one year

2023
£
  2022
£
Orlando Reid (Holdings) Limited -Long Term 844,120    418,551 
Orlando Reid (Manchester) Limited-Long term 125,000    125,000 
969,120    543,551 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 90,998    92,518 
Directors Loan Account- Jack 3,267    4,598 
Landlord Deposit Custodial 708,928    718,495 
Client Money 407,117    113,892 
Security Deposits 35,700    10,785 
Client Tenancy Deposit 859,810    353,443 
Orlando Reid (Manchester) Limited   2,468 
Overseas Tax (9,160)   (9,973)
Sheraton Law 9,449    24,193 
Corporation Tax 55,843    57,154 
PAYE & Social Security 9,253    9,751 
Pension Payable 1,325    1,056 
Other Creditors 1    1 
Wages & Salaries Control Account 207    180 
Credit Cards 15,647    18,736 
VAT 92,186    89,211 
2,280,571    1,486,508 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Skye Funding Aiwoca 264,080    285,192 
Bank Loans & Overdrafts 75,610    89,535 
Loan- Kingsway Asset Finance 218,333   
558,023    374,727 

4