Orion Land & Leisure Limited 04278650 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Development of building projects Digita Accounts Production Advanced 6.30.9574.0 true true 04278650 2022-09-01 2023-08-31 04278650 2023-08-31 04278650 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-08-31 04278650 core:CurrentFinancialInstruments 2023-08-31 04278650 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04278650 core:Non-currentFinancialInstruments 2023-08-31 04278650 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04278650 bus:SmallEntities 2022-09-01 2023-08-31 04278650 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 04278650 bus:FilletedAccounts 2022-09-01 2023-08-31 04278650 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 04278650 bus:RegisteredOffice 2022-09-01 2023-08-31 04278650 bus:Director1 2022-09-01 2023-08-31 04278650 bus:Director3 2022-09-01 2023-08-31 04278650 bus:Director4 2022-09-01 2023-08-31 04278650 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-09-01 2023-08-31 04278650 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04278650 countries:EnglandWales 2022-09-01 2023-08-31 04278650 2021-09-01 2022-08-31 04278650 2022-08-31 04278650 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-08-31 04278650 core:CurrentFinancialInstruments 2022-08-31 04278650 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 04278650 core:Non-currentFinancialInstruments 2022-08-31 04278650 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04278650

Orion Land & Leisure Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Orion Land & Leisure Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Orion Land & Leisure Limited

Company Information

Directors

Mr R N Olsen

Mr A Michael

Mr B G King

Registered office

9A Burroughs Gardens
London
NW4 4AU

Registered number

04278650

Accountants

Ripe LLP
9A Burroughs Gardens
London
NW4 4AU

 

Orion Land & Leisure Limited

(Registration number: 04278650)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

274,971

-

Debtors

5

111,089

6,069

Investments

6

-

34,360

Cash at bank and in hand

 

2,240

656

 

388,300

41,085

Creditors: Amounts falling due within one year

7

(158,141)

(182,372)

Total assets less current liabilities

 

230,159

(141,287)

Creditors: Amounts falling due after more than one year

7

(725,681)

(35,833)

Net liabilities

 

(495,522)

(177,120)

Capital and reserves

 

Called up share capital

8

452

300

Capital redemption reserve

(39,743)

(39,743)

Retained earnings

(456,231)

(137,677)

Shareholders' deficit

 

(495,522)

(177,120)

 

Orion Land & Leisure Limited

(Registration number: 04278650)
Balance Sheet as at 31 August 2023

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

Directors' 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 directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mr R N Olsen
Director

.........................................
Mr A Michael
Director

.........................................
Mr B G King
Director

 

Orion Land & Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
9A Burroughs Gardens
London
NW4 4AU
England

The principal place of business is:
Suite 6.08
16 Berkeley Street
London
W1J 8DZ

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis on the understanding that the company's shareholders and creditors will continue to support the company for the foreseeable future.

 

Orion Land & Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Orion Land & Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

Orion Land & Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Stocks

2023
£

2022
£

Work in progress

274,971

-

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

29,170

-

Prepayments

 

1,475

-

Other debtors

 

80,444

6,069

   

111,089

6,069

6

Current asset investments

2023
£

2022
£

Shares in group undertakings

-

34,360

 

Orion Land & Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9

10,000

10,000

Trade creditors

 

36,230

-

Taxation and social security

 

11,813

-

Accruals and deferred income

 

10,000

11,000

Other creditors

 

90,098

161,372

 

158,141

182,372

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

25,833

35,833

Other non-current financial liabilities

 

699,848

-

 

725,681

35,833

Other non-current financial liabilities refers to loan of £699,848 payable to DGM Global Limited.This loan is secured and charge is registered against the same.
 

 

Orion Land & Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

452

452

300

300

       

During the year , the company issued 152 ordinary shares for a nominal value of £1 each.

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

25,833

35,833

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

10

Related party transactions

Loans to related parties :-

As at balance sheet date Hercules Developments Limited owed £270 ( 2022: £Nil) to company.

As at balance sheet date Cardiff Peninsula Consortium Limited owed £300 ( 2022: £Nil) to company.

As at balance sheet date Birmingham Swallow Street Limited owed £3,600 ( 2022: £Nil) to company.

As at balance sheet date Fairfax Road London Limited owed £25,000 ( 2022: £Nil) to company.

Included in other debtors is a balance of £35,000 due from director Mr R Olsen; as at 31 August 2022, the company owed Mr R Olsen £57,729.

 

Orion Land & Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

11

Off-balance sheet arrangements

Post balance sheet event
On 27 December 2023 the company issued a further 1,101 shares at par value.