Company Registration No. 11173406 (England and Wales)
Orcro Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Orcro Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Orcro Limited
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
370
843
Investments
4
-
0
1
370
844
Current assets
Stocks
5,864
26,451
Debtors
5
145,442
54,518
Cash at bank and in hand
123,172
99,363
274,478
180,332
Creditors: amounts falling due within one year
6
(60,933)
(41,536)
Net current assets
213,545
138,796
Net assets
213,915
139,640
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
213,815
139,540
Total equity
213,915
139,640

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Andrew Katz
Director
Company Registration No. 11173406
Orcro Limited
Statement of changes in equity
For the year ended 31 March 2024
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
79,242
79,342
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
80,298
80,298
Dividends
-
(20,000)
(20,000)
Balance at 31 March 2023
100
139,540
139,640
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
134,275
134,275
Dividends
-
(60,000)
(60,000)
Balance at 31 March 2024
100
213,815
213,915
Orcro Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Orcro Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Court, Easton Street, High Wycombe, HP11 1JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Straight line - 33%
Computers
Straight line - 33%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Orcro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Orcro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Orcro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
3,023
Additions
266
At 31 March 2024
3,289
Depreciation and impairment
At 1 April 2023
2,180
Depreciation charged in the year
739
At 31 March 2024
2,919
Carrying amount
At 31 March 2024
370
At 31 March 2023
843
Orcro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
1
Disposals
(1)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
117,331
46,418
Amounts owed by group undertakings
26,850
-
0
Other debtors
1,261
8,100
145,442
54,518
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
990
12,613
Corporation tax
49,952
18,968
Other taxation and social security
6,884
4,775
Other creditors
3,107
5,180
60,933
41,536
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Orcro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
Called up share capital (continued)
8

Ordinary shares have attached to them full rights to receive notice of, attend and vote at general meetings. One share carries one vote, and full rights to dividends and capital distributions (including upon winding up).

 

On 28 February 2024, the full share capital was acquired by Orcro Holdings Limited.

8
Related party transactions

During the year, Orcro Limited received services from a company under common control for a value of £5,025 (2023: £nil).

9
Parent company

The parent undertaking is Orcro Holdings Limited.

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