Registration number:
Orion Land & Leisure Limited
for the Year Ended 31 August 2023
Orion Land & Leisure Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Orion Land & Leisure Limited
Company Information
Directors |
Mr R N Olsen Mr A Michael Mr B G King |
Registered office |
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Registered number |
04278650 |
Accountants |
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Orion Land & Leisure Limited
(Registration number: 04278650)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
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- |
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Debtors |
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Investments |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
452 |
300 |
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Capital redemption reserve |
(39,743) |
(39,743) |
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Retained earnings |
(456,231) |
(137,677) |
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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:
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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
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Orion Land & Leisure Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Suite 6.08
16 Berkeley Street
London
W1J 8DZ
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Orion Land & Leisure Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Stocks |
2023 |
2022 |
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Work in progress |
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- |
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
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- |
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Prepayments |
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- |
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Other debtors |
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Current asset investments |
2023 |
2022 |
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Shares in group undertakings |
- |
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Orion Land & Leisure Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Trade creditors |
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- |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Other non-current financial liabilities |
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- |
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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
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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452 |
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300 |
During the year , the company issued 152 ordinary shares for a nominal value of £1 each.
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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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
Off-balance sheet arrangements |
Post balance sheet event
On 27 December 2023 the company issued a further 1,101 shares at par value.