Company registration number 07392550 (England and Wales)
ORBMYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ORBMYS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ORBMYS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
220,378
232,146
Current assets
Stocks
25,625
24,843
Debtors
5
934,219
939,089
Cash at bank and in hand
267,575
164,099
1,227,419
1,128,031
Creditors: amounts falling due within one year
6
(411,486)
(415,998)
Net current assets
815,933
712,033
Total assets less current liabilities
1,036,311
944,179
Creditors: amounts falling due after more than one year
7
(23,917)
(50,917)
Provisions for liabilities
(42,192)
(42,300)
Net assets
970,202
850,962
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
970,002
850,762
Total equity
970,202
850,962

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

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

ORBMYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
Mr H J Brown
Director
Company registration number 07392550 (England and Wales)
ORBMYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Orbmys Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Value House, Clovelly Road, Bideford, Devon, EX39 3HN.

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 provided in the normal course of business, and is shown net of VAT.

 

Restaurant income is recognised at the point of despatch of food and beverage items.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses 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. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

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 land and buildings
Straight line over the lease term
Plant and equipment
10% on cost per annum
Computers
10% on cost per annum
Motor vehicles
10% on cost per annum

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.6
Taxation

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

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

1.7
Retirement benefits

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

1.8
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.

1.9
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:

2023
2022
Number
Number
Total
76
83
ORBMYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
171,344
Amortisation and impairment
At 1 January 2023 and 31 December 2023
171,344
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
73,106
895,865
968,971
Additions
-
0
17,316
17,316
Disposals
-
0
(95,194)
(95,194)
At 31 December 2023
73,106
817,987
891,093
Depreciation and impairment
At 1 January 2023
26,471
710,354
736,825
Depreciation charged in the year
4,868
24,216
29,084
Eliminated in respect of disposals
-
0
(95,194)
(95,194)
At 31 December 2023
31,339
639,376
670,715
Carrying amount
At 31 December 2023
41,767
178,611
220,378
At 31 December 2022
46,635
185,511
232,146
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90
1,619
Amounts owed by group undertakings
327,767
241,466
Other debtors
606,362
696,004
934,219
939,089
ORBMYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
27,000
28,690
Trade creditors
193,601
131,022
Amounts owed to group undertakings
-
0
45,589
Taxation and social security
85,970
57,253
Other creditors
104,915
153,444
411,486
415,998

A total of £17,000 of the bank loans is secured over the assets of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,917
50,917

A total of £1,416 of the bank loans is secured over the assets of the company.

8
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

Connected company debt of £736k (2022: £901k) is secured on the assets of this company.

9
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
£
£
Within one year
87,500
20,042
Between two and five years
243,333
61,795
In over five years
87,125
-
0
417,958
81,837
10
Parent company

Orbmys Limited is a wholly owned subsidiary of ultimate parent company Symbro Group Limited, whose registered office is 2nd Floor Value House, Clovelly Road, Bideford, Devon, EX39 3HN.

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