Company registration number 11369539 (England and Wales)
ORBILITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ORBILITY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ORBILITY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
838,074
1,025,293
Tangible assets
5
10,163
17,951
848,237
1,043,244
Current assets
Stocks
185,610
256,713
Debtors
6
763,804
684,542
Cash at bank and in hand
1,004,517
675,900
1,953,931
1,617,155
Creditors: amounts falling due within one year
7
(1,129,517)
(810,260)
Net current assets
824,414
806,895
Total assets less current liabilities
1,672,651
1,850,139
Creditors: amounts falling due after more than one year
8
(1,698,755)
(1,820,725)
Provisions for liabilities
(3,515)
(5,676)
Net (liabilities)/assets
(29,619)
23,738
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(29,620)
23,737
Total equity
(29,619)
23,738

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 27 March 2024 and are signed on its behalf by:
Mr C J O'Donoghue
Director
Company registration number 11369539 (England and Wales)
ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Orbility Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Mitchell Way, Portsmouth, Hampshire, England, PO3 5PR.

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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a company over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
5 years straight line
1.6
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:

Leasehold improvements
Over the lease term
Fixtures and fittings
3 years straight line

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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.

1.8
Stocks

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses. When stocks or work in progress are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

 

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Each month end, an assessment is made for stock obsolescence, with any adjustment recognised in the profit and loss.

1.9
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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

1.11
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.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.13
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.

1.14
Retirement benefits

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

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
22
20
ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,834,364
34,203
1,868,567
Amortisation and impairment
At 1 January 2023
825,463
17,811
843,274
Amortisation charged for the year
183,436
3,783
187,219
At 31 December 2023
1,008,899
21,594
1,030,493
Carrying amount
At 31 December 2023
825,465
12,609
838,074
At 31 December 2022
1,008,901
16,392
1,025,293
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
36,889
26,035
62,924
Depreciation and impairment
At 1 January 2023
25,792
19,181
44,973
Depreciation charged in the year
4,950
2,838
7,788
At 31 December 2023
30,742
22,019
52,761
Carrying amount
At 31 December 2023
6,147
4,016
10,163
At 31 December 2022
11,097
6,854
17,951
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
572,647
459,003
Amounts owed by group undertakings
34,287
58,565
Other debtors
156,870
166,974
763,804
684,542
ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
208,194
166,687
Amounts owed to group undertakings
263,216
142,399
Taxation and social security
296,236
141,391
Other creditors
361,871
359,783
1,129,517
810,260
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
1,698,755
1,820,725

The loan is due to be paid within 10 years of inception or if the company leaves the group. Interest is charged at a fair market value.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
1,698,755
1,820,725
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Michelle Buzzard FCA
Statutory Auditor:
James Todd & Co Limited
Date of audit report:
27 March 2024
ORBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
292,350
292,281
11
Related party transactions

During the period the company entered into related party transactions with other group members. The company has used the exemption available under FRS 102 S33.1a to not disclose transactions between itself and its group members.

12
Parent company

The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member is AP Invest France SAS. The parent's registered office address is 10 rue du Colisée, 75008 Paris - France.

2023-12-312023-01-01false27 March 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr L GillesMr E MartinezMr C J O'DonoghueAPInvest France SASMr J R GuilleuxMr Y J Schoenfalsefalse113695392023-01-012023-12-31113695392023-12-31113695392022-12-3111369539core:NetGoodwill2023-12-3111369539core:IntangibleAssetsOtherThanGoodwill2023-12-3111369539core:NetGoodwill2022-12-3111369539core:IntangibleAssetsOtherThanGoodwill2022-12-3111369539core:LandBuildings2023-12-3111369539core:OtherPropertyPlantEquipment2023-12-3111369539core:LandBuildings2022-12-3111369539core:OtherPropertyPlantEquipment2022-12-3111369539core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111369539core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111369539core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3111369539core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3111369539core:CurrentFinancialInstruments2023-12-3111369539core:CurrentFinancialInstruments2022-12-3111369539core:ShareCapital2023-12-3111369539core:ShareCapital2022-12-3111369539core:RetainedEarningsAccumulatedLosses2023-12-3111369539core:RetainedEarningsAccumulatedLosses2022-12-3111369539bus:Director32023-01-012023-12-3111369539core:Goodwill2023-01-012023-12-3111369539core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3111369539core:ComputerSoftware2023-01-012023-12-3111369539core:LeaseholdImprovements2023-01-012023-12-3111369539core:FurnitureFittings2023-01-012023-12-31113695392022-01-012022-12-3111369539core:NetGoodwill2022-12-3111369539core:IntangibleAssetsOtherThanGoodwill2022-12-31113695392022-12-3111369539core:NetGoodwill2023-01-012023-12-3111369539core:LandBuildings2022-12-3111369539core:OtherPropertyPlantEquipment2022-12-3111369539core:LandBuildings2023-01-012023-12-3111369539core:OtherPropertyPlantEquipment2023-01-012023-12-3111369539core:WithinOneYear2023-12-3111369539core:WithinOneYear2022-12-3111369539core:Non-currentFinancialInstruments2023-12-3111369539core:Non-currentFinancialInstruments2022-12-3111369539bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111369539bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111369539bus:FRS1022023-01-012023-12-3111369539bus:Audited2023-01-012023-12-3111369539bus:Director12023-01-012023-12-3111369539bus:Director22023-01-012023-12-3111369539bus:Director42023-01-012023-12-3111369539bus:Director52023-01-012023-12-3111369539bus:Director62023-01-012023-12-3111369539bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP