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REGISTERED NUMBER: 04933071 (England and Wales)
















Orbital2 Limited

Financial Statements

for the Year Ended

31 December 2023






Orbital2 Limited (Registered number: 04933071)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Orbital2 Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Ruzicka
J Vosatka





REGISTERED OFFICE: 5 Clarendon Place
Leamington Spa
Warwickshire
CV32 5QL





REGISTERED NUMBER: 04933071 (England and Wales)





AUDITORS: Moffat Gilbert
5 Clarendon Place
Leamington Spa
Warwickshire
CV32 5QL

Orbital2 Limited (Registered number: 04933071)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,302 9,453
Investments 5 5,000 5,000
11,302 14,453

CURRENT ASSETS
Debtors 6 7,406 7,406

CREDITORS
Amounts falling due within one year 7 374,362 371,868
NET CURRENT LIABILITIES (366,956 ) (364,462 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(355,654

)

(350,009

)

CREDITORS
Amounts falling due after more than one
year

8

269,017

269,017
NET LIABILITIES (624,671 ) (619,026 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 10 101,375 101,375
Retained earnings 10 (726,146 ) (720,501 )
SHAREHOLDERS' FUNDS (624,671 ) (619,026 )

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





A Ruzicka - Director


Orbital2 Limited (Registered number: 04933071)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Orbital2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis as the company has the continued financial support of the Wikov Industry group.

Preparation of consolidated financial statements
The financial statements contain information about Orbital2 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Wikov Industry A.S., Hvezdova 1716/2b, CZ-140 78 Praha 4, Czech Republic.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Orbital2 Limited (Registered number: 04933071)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 259,341
AMORTISATION
At 1 January 2023 249,888
Charge for year 3,151
At 31 December 2023 253,039
NET BOOK VALUE
At 31 December 2023 6,302
At 31 December 2022 9,453

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 5,000
NET BOOK VALUE
At 31 December 2023 5,000
At 31 December 2022 5,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 7,406 7,406

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 367,838 366,077
Other creditors 6,524 5,791
374,362 371,868

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 269,017 269,017

Orbital2 Limited (Registered number: 04933071)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 269,017 269,017

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (720,501 ) 101,375 (619,126 )
Deficit for the year (5,645 ) (5,645 )
At 31 December 2023 (726,146 ) 101,375 (624,771 )

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Geoffrey Gilbert FCA (Senior Statutory Auditor)
for and on behalf of Moffat Gilbert

12. RELATED PARTY DISCLOSURES

In prior years, the ultimate parent company Wikov Industry had made loans to the company. The balance owed to Wikov Industry at 31 December 2023 was £239,017 (2022 £239,017). The loan carries interest and the interest charges accrued to 31 December 2011 were £9,142, no further accrual has since been provided and no interest has been paid. A fellow subsidiary of the Wikov group, Wikov Gear s.r.o had loaned £30,000 to the company in a prior year. The interest charged on the loan in 2023 was £1,761 (2022 £342). The Wikov Industry group had provided services to the company in prior years and at 31 December 2023 the balance owed by the company was £71,333 (2022 £69,572).

The subsidiary of the company, Czech Orbital 2 s.r.o. had supplied services to the company in prior years. The balance owed to Czech Orbital 2 s.r.o. by the company at 31 December 2023 was £296,505 (2022 £296,505).