REGISTERED NUMBER: 11199647 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Oriens Holdings Limited |
REGISTERED NUMBER: 11199647 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Oriens Holdings Limited |
Oriens Holdings Limited (Registered number: 11199647) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 17 |
Oriens Holdings Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Shadwell House |
65 Lower Green Road |
Tunbridge Wells |
Kent |
TN4 8TW |
Oriens Holdings Limited (Registered number: 11199647) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The director presents his strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The directors are very satisfied with the performance of the group for the year. |
Oriens Aviation Limited |
It was another very good year for the company with sales amounting to £36,583,060 with pre-tax profits amounting to £1,948,871. The increase in sales was due to receiving the full complement of aircraft from Pilatus as well as the additional sales of Tecnam aircraft. |
Oriens Flight Operations Limited |
2023 marked the first full year of trading for the company. Turnover was £3,086,408 which is impressive for its first full year of operations. The director is confident that it will continue to grow in the future and will start to make profits in the coming years. |
With an experienced team at the helm, we take pride in providing a service that affords excellent value, combining a strong safety culture with a premium experience, not only for our charter customers but also for our owners who entrust their aircraft to our care. |
We anticipate strong demand for charter in the UK, both as a result of Brexit causing a vacuum previously filled by European operators, as well as this aircraft type being quite new for commercial operations providing value hitherto only seen outside Europe, most notably in the US. |
Oriens Maintenance Services Limited |
An exceptionally strong post-Covid boom especially in the U.S. has caused a net outflow of assets moving out of Europe and the UK to the U.S. and we have therefore seen a slight decline in based customers. |
Offsetting this however, our reputation has driven more customers to us from outside the UK and the overall result is expansion and growth with a concurrent need to invest in staff and training. Sourcing and hiring trained technical staff, has been one of the biggest challenges. |
The company introduced a new working shift pattern to the business of 7 days a week, 12 hours a day and this has has made a significant positive impact on its operations and efficiency. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Brexit continues to be a risk for aircraft operations for European aircraft operating in the UK and UK aircraft operating within Europe. Furthermore, uncertainty in the regulatory environment continues to affect maintenance, training and certification and has already increased costs. |
The macro environment is currently strong for aircraft sales but there is uncertainty how long this will last with political and economic instability a factor for 2024 and beyond. High interest rates are also likely to slow demand for new assets. Furthermore, the market for skilled labour has proven challenging and a limiting factor to growth. |
FINANCIAL REVIEW |
The director is satisfied with the performance of the group for the year. |
Group turnover for the year amounted to £43,572,603. |
The group profit for the year amounted to £730,496 after tax, depreciation and interest for the year. |
The working capital position of the group at the year end amounted to £2,706,435. |
Group bank and cash balances at the year end amounted to £1,627,072. |
Oriens Holdings Limited (Registered number: 11199647) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
FUTURE PLANS |
The group will seek to diversify its portfolio in coming years and will look to the future of sustainable aviation. In the short-term, growth will come from new products that are being developed by the group's main, existing supplier. |
Following the successful introduction of Tecnam sales, the group will continue to look for new dealership opportunities. |
At the year end, the company had placed deposits totalling £2.9m for future aircraft deliveries. |
Future growth will come from the additional aircraft types to be maintained and also from a strengthening in aircraft operations, with the expansion of Oriens Flight Operations Limited. |
ON BEHALF OF THE BOARD: |
Oriens Holdings Limited (Registered number: 11199647) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Oriens Holdings Limited |
Opinion |
We have audited the financial statements of Oriens Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Oriens Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Oriens Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. |
Our approach was as follows: |
- we obtained an understanding of the legal and regulatory requirements applicable to the group. |
- we obtained an understanding of how the group complies with these requirements through discussion with management and those charged with governance. |
- we assessed the risk of material misstatement in the financial statements through discussions with management and those charged with governance. |
- we enquired of management and those charged with governance of any known instances of non compliance with legal and regulatory requirements. |
- based on this understanding, we designed specific and appropriate audit procedures to identify instances of non compliance to include discussions and obtaining additional corroborative evidence. |
As part of the audit in accordance with ISAs (UK) we exercised professional judgement and scepticism throughout the audit. In addition, we also: |
- identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures consistent with those risks and obtained sufficient and relevant audit evidence to support and provide a basis for our opinion. The risk of misstatement from fraud is invariably higher than one resulting from error as fraud may involve collusion or intentional omissions and misrepresentations to override the systems of internal control. |
- obtained an understanding of the internal controls relevant to the audit and designed |
audit procedures and tests that were appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal controls. |
- evaluated the appropriateness of the accounting policies used and the reasonableness of any accounting estimates and disclosures used and made by the directors. |
- assessed the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether any material uncertainty existed that may have cast doubt on the group's ability to continue as a going concern. |
- evaluated the overall presentation, structure and content of the financial statements including disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieved a fair presentation of the results for the period and the financial standing of the group at the period end. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Oriens Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Shadwell House |
65 Lower Green Road |
Tunbridge Wells |
Kent |
TN4 8TW |
Oriens Holdings Limited (Registered number: 11199647) |
Consolidated |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE | 3 | 43,572,603 | 26,679,617 |
Cost of sales | 38,524,661 | 24,108,420 |
GROSS PROFIT | 5,047,942 | 2,571,197 |
Administrative expenses | 4,214,715 | 2,623,466 |
OPERATING PROFIT/(LOSS) | 5 | 833,227 | (52,269 | ) |
Interest receivable and similar income | 774 | 166 |
834,001 | (52,103 | ) |
Amounts written off investments | 6 | 17,947 | - |
816,054 | (52,103 | ) |
Interest payable and similar expenses | 7 | 94,867 | 31,337 |
PROFIT/(LOSS) BEFORE TAXATION | 721,187 | (83,440 | ) |
Tax on profit/(loss) | 8 | (9,309 | ) | (40,631 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 730,496 | (42,809 | ) |
Oriens Holdings Limited (Registered number: 11199647) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 730,496 | (42,809 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
730,496 |
(42,809 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 730,496 | (42,809 | ) |
Oriens Holdings Limited (Registered number: 11199647) |
Consolidated Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 26,237 | - |
Property, plant and equipment | 11 | 2,885,342 | 321,560 |
Investments | 12 | 25,000 | 17,947 |
2,936,579 | 339,507 |
CURRENT ASSETS |
Inventories | 13 | 408,886 | 3,277,441 |
Debtors | 14 | 5,746,078 | 5,443,298 |
Cash at bank | 1,627,072 | 1,851,798 |
7,782,036 | 10,572,537 |
CREDITORS |
Amounts falling due within one year | 15 | 5,075,601 | 5,895,240 |
NET CURRENT ASSETS | 2,706,435 | 4,677,297 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,643,014 |
5,016,804 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(5,813,243 |
) |
(5,908,221 |
) |
PROVISIONS FOR LIABILITIES | 19 | - | (9,309 | ) |
NET LIABILITIES | (170,229 | ) | (900,726 | ) |
CAPITAL AND RESERVES |
Called up share capital | 20 | 200,000 | 200,000 |
Retained earnings | 21 | (370,229 | ) | (1,100,726 | ) |
SHAREHOLDERS' FUNDS | (170,229 | ) | (900,726 | ) |
The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by: |
E A T M Brenninkmeyer - Director |
Oriens Holdings Limited (Registered number: 11199647) |
Company Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Property, plant and equipment | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's profit for the financial year | - | - |
The financial statements were approved by the director and authorised for issue on |
Oriens Holdings Limited (Registered number: 11199647) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 200,000 | (1,057,917 | ) | (857,917 | ) |
Changes in equity |
Total comprehensive income | - | (42,809 | ) | (42,809 | ) |
Balance at 31 December 2022 | 200,000 | (1,100,726 | ) | (900,726 | ) |
Changes in equity |
Total comprehensive income | - | 730,496 | 730,496 |
Balance at 31 December 2023 | 200,000 | (370,230 | ) | (170,230 | ) |
Oriens Holdings Limited (Registered number: 11199647) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Balance at 31 December 2023 | ( |
) | ( |
) |
Oriens Holdings Limited (Registered number: 11199647) |
Consolidated Statement of Cash Flows |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,828,757 | (887,514 | ) |
Interest paid | (94,867 | ) | (31,337 | ) |
Net cash from operating activities | 2,733,890 | (918,851 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (29,152 | ) | - |
Purchase of tangible fixed assets | (2,753,276 | ) | (108,793 | ) |
Purchase of fixed asset investments | (25,000 | ) | - |
Interest received | 774 | 166 |
Net cash from investing activities | (2,806,654 | ) | (108,627 | ) |
Cash flows from financing activities |
New loans in year | - | 1,339,131 |
Loan repayments in year | (151,962 | ) | (8,680 | ) |
Net cash from financing activities | (151,962 | ) | 1,330,451 |
(Decrease)/increase in cash and cash equivalents | (224,726 | ) | 302,973 |
Cash and cash equivalents at beginning of year |
2 |
1,851,798 |
1,548,825 |
Cash and cash equivalents at end of year | 2 | 1,627,072 | 1,851,798 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit/(loss) before taxation | 721,187 | (83,440 | ) |
Depreciation charges | 192,409 | 61,262 |
Finance costs | 94,867 | 31,337 |
Finance income | (774 | ) | (166 | ) |
1,007,689 | 8,993 |
Decrease/(increase) in inventories | 2,868,555 | (2,540,222 | ) |
Decrease/(increase) in trade and other debtors | 216,400 | (214,954 | ) |
(Decrease)/increase in trade and other creditors | (1,263,887 | ) | 1,858,669 |
Cash generated from operations | 2,828,757 | (887,514 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 1,627,072 | 1,851,798 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,851,798 | 1,548,825 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,851,798 | (224,726 | ) | 1,627,072 |
1,851,798 | (224,726 | ) | 1,627,072 |
Debt |
Debts falling due within 1 year | (73,301 | ) | 56,584 | (16,717 | ) |
Debts falling due after 1 year | (1,284,334 | ) | 94,978 | (1,189,356 | ) |
(1,357,635 | ) | 151,562 | (1,206,073 | ) |
Total | 494,163 | (73,164 | ) | 420,999 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Oriens Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the group will continue in operational existence for the foreseeable future, on the basis that the director will continue to support the group for at least twelve months from the date of approval of these financial statements. |
Basis of consolidation and audit of subsidiaries |
These group accounts consolidate the accounts of the following subsidiaries: |
Oriens Aviation Limited - audited. |
Oriens Maintenance Services Limited - small company not audited, parent guarantee given. |
Oriens Flight Operations Limited - small company not audited, parent guarantee given. |
Oriens Aviation Services Limited - dormant. |
All subsidiaries are wholly owned and their accounting periods are aligned with one another and the holding company. |
All inter group balances and transactions are eliminated on consolidation. |
Significant judgements and estimates |
There are no significant estimates or judgements pertaining to these accounts other than depreciation of fixed assets. |
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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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 maintenance services is recognised as the services are performed. |
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. |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Display aircraft | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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. |
Impairment of fixed assets |
At each reporting period end date, the group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 see is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
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 leased assets are consumed. |
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Functional and presentation currency |
The functional currency used by the group is $ US and the presentation currency is £ Sterling. |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the group 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. |
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. |
Equity instruments |
Equity instruments issued by the group 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 group. |
3. | REVENUE |
The revenue and profit (2022 - loss) before taxation are attributable to the one principal activity of the group. |
An analysis of revenue by geographical market is given below: |
2023 | 2022 |
£ | £ |
UK & Europe | 43,572,603 | 26,679,617 |
43,572,603 | 26,679,617 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,076,453 | 1,484,960 |
Social security costs | 233,665 | 177,540 |
Other pension costs | 67,395 | 53,326 |
2,377,513 | 1,715,826 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration, sales & engineering |
2023 | 2022 |
£ | £ |
Director's remuneration | 99,216 | 96,600 |
Director's pension contributions to money purchase schemes | 4,961 | 4,680 |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 3,136 | 1,977 |
Other operating leases | 246,662 | 240,044 |
Depreciation - owned assets | 189,494 | 61,263 |
Computer software amortisation | 2,915 | - |
Auditors' remuneration | 8,000 | 6,000 |
Foreign exchange differences | 177,930 | (365,644 | ) |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
2023 | 2022 |
£ | £ |
Impairment of investments | 17,947 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 94,867 | 31,337 |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | (9,309 | ) | (40,631 | ) |
Tax on profit/(loss) | (9,309 | ) | (40,631 | ) |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit/(loss) before tax | 721,187 | (83,440 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
137,026 |
(15,854 |
) |
Effects of: |
Expenses not deductible for tax purposes | 4,213 | 1,887 |
Capital allowances in excess of depreciation | (213,349 | ) | (26,664 | ) |
Utilisation of tax losses | 62,801 | - |
Total tax credit | (9,309 | ) | (40,631 | ) |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
Additions | 29,152 |
At 31 December 2023 | 29,152 |
AMORTISATION |
Amortisation for year | 2,915 |
At 31 December 2023 | 2,915 |
NET BOOK VALUE |
At 31 December 2023 | 26,237 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2023 | 24,198 | 444,058 | 68,379 |
Additions | 32,422 | 19,652 | 5,466 |
At 31 December 2023 | 56,620 | 463,710 | 73,845 |
DEPRECIATION |
At 1 January 2023 | 24,198 | 180,508 | 19,765 |
Charge for year | 6,484 | 42,480 | 10,394 |
At 31 December 2023 | 30,682 | 222,988 | 30,159 |
NET BOOK VALUE |
At 31 December 2023 | 25,938 | 240,722 | 43,686 |
At 31 December 2022 | - | 263,550 | 48,614 |
Motor | Display |
vehicles | aircraft | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 11,250 | - | 547,885 |
Additions | - | 2,695,736 | 2,753,276 |
At 31 December 2023 | 11,250 | 2,695,736 | 3,301,161 |
DEPRECIATION |
At 1 January 2023 | 1,854 | - | 226,325 |
Charge for year | 2,349 | 127,787 | 189,494 |
At 31 December 2023 | 4,203 | 127,787 | 415,819 |
NET BOOK VALUE |
At 31 December 2023 | 7,047 | 2,567,949 | 2,885,342 |
At 31 December 2022 | 9,396 | - | 321,560 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 | 17,947 |
Additions | 25,000 |
Impairments | (17,947 | ) |
At 31 December 2023 | 25,000 |
NET BOOK VALUE |
At 31 December 2023 | 25,000 |
At 31 December 2022 | 17,947 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Oriens Aviation Limited |
Registered office: Building 170, Churchill Way, Biggin Hill Airport, Westerham, Kent TN16 3BN |
Nature of business: Sale of fixed wing aircraft |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 4,305,746 | 2,347,566 |
Profit for the year | 1,958,180 | 1,204,268 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Oriens Maintenance Services Limited |
Registered office: Building 170, Churchill Way, Biggin Hill Airport, Westerham, Kent TN16 3BN |
Nature of business: Aircraft maintenance and repairs |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (513,958 | ) | 20,122 |
Loss for the year | (534,080 | ) | (682,327 | ) |
Oriens Aviation Services Limited |
Registered office: Building 170, Churchill Way, Biggin Hill Airport, Westerham, Kent TN16 3BN |
Nature of business: Dormant - non trading |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
Oriens Flight Operations Limited |
Registered office: Building 170, Churchill Way, Biggin Hill Airport, Westerham, Kent TN16 3BN |
Nature of business: Dormant - non trading |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (1,549,858 | ) | (856,255 | ) |
Loss for the year | (693,603 | ) | (564,750 | ) |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 408,886 | 3,277,441 |
14. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,939,983 | 1,001,567 |
Deposits on aircraft | 2,877,260 | 3,975,050 | - | - |
VAT | - | 57,026 |
Prepayments and other debtors | 928,835 | 409,655 |
5,746,078 | 5,443,298 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | DEBTORS - continued |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Due from group companies | - | - |
Aggregate amounts | 5,746,078 | 5,443,298 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 17) | 16,717 | 73,301 |
Trade creditors | 1,083,563 | 1,384,684 |
Social security and other taxes | 2,878 | 2,878 |
VAT | 80,072 | - |
Customer deposits | 3,736,087 | 4,391,982 |
Accrued expenses | 156,284 | 42,395 |
5,075,601 | 5,895,240 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 1,189,356 | 1,284,334 |
Loans due to director | 4,623,887 | 4,623,887 | 4,624,087 | 4,624,087 |
5,813,243 | 5,908,221 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 16,717 | 73,301 |
Amounts falling due between one and two | years: |
Bank loans | 1,189,356 | 1,275,805 |
Amounts falling due between two and five | years: |
Bank loans | - | 8,529 |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 238,000 | 233,000 |
Between one and five years | 1,250,000 | 1,235,000 |
In more than five years | 759,000 | 1,012,000 |
2,247,000 | 2,480,000 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | - | 9,309 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 9,309 |
Balance at 31 December 2023 | 9,309 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200,000 | 200,000 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | (1,100,725 | ) |
Profit for the year | 730,496 |
At 31 December 2023 | (370,229 | ) |
Oriens Holdings Limited (Registered number: 11199647) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
21. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
At 31 December 2023 | ( |
) |
22. | ULTIMATE CONTROLLING PARTY |
The group is controlled by E Brenninkmeyer who owns 100% of the shares. |
23. | CONSOLIDATED ACCOUNTS & PARENT GUARANTEE |
These group accounts consolidate the accounts of the following subsidiaries: |
Oriens Aviation Limited - audited. |
Oriens Maintenance Services Limited - small company not audited, parent guarantee given. |
Oriens Flight Operations Limited - small company not audited, parent guarantee given. |
Oriens Aviation Services Limited - dormant not audited. |
All subsidiaries are wholly owned and their accounting periods are co-terminous. |
All inter group balances and transactions are eliminated on consolidation. |
The results of Oriens Maintenance Services Limited and Oriens Flight Operations Limited are unaudited as they qualify for exemption from audit under S477 of the Companies Act 2006. |
Oriens Holdings Limited guarantees all creditors and liabilities of Oriens Maintenance Services Limited and Oriens Flight Operations Limited in view of the fact the results are unaudited and the appropriate guarantees are filed with the Registrar of Companies. |
24. | DIRECTOR'S LOAN |
E Brenninkmeyer advanced the group the sum of £4,623,887 by way of long term director's loan. |
There are no formal repayment terms attaching to the loan and it is non interest bearing. |
The director regards the loan as being repayable after more than one year, |
25. | GOING CONCERN |
These financial statements are prepared on the going concern basis. |
The director has a reasonable expectation that the group will continue in operational existence for the foreseeable future, on the basis that the director will continue to support the group for at least twelve months from the date of approval of these financial statements. |
To date the director has provided loans in excess of £4.5m to the group on an interest free basis and the loan is regarded as repayable after more than one year. |