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COMPANY REGISTRATION NUMBER: 04455782
Orientrose Contracts Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Orientrose Contracts Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
26,455
45,594
Current assets
Stocks
2,938
2,256
Debtors
6
634,339
1,426,857
Cash at bank and in hand
395,242
885,669
------------
------------
1,032,519
2,314,782
Creditors: amounts falling due within one year
7
904,222
1,962,998
------------
------------
Net current assets
128,297
351,784
---------
---------
Total assets less current liabilities
154,752
397,378
Creditors: amounts falling due after more than one year
8
18,489
25,445
---------
---------
Net assets
136,263
371,933
---------
---------
Capital and reserves
Called up share capital
50,702
50,702
Capital redemption reserve
49,358
49,358
Profit and loss account
36,203
271,873
---------
---------
Shareholders funds
136,263
371,933
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Orientrose Contracts Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mrs A Wilson
Director
Company registration number: 04455782
Orientrose Contracts Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Vantage Park, Washingley Road, Huntingdon, Cambridgeshire, PE29 6SR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of work done during the year, exclusive of Value Added Tax. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value. Revenue from work done is measured by reference to the stage of completion of the contract at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to property
-
straight line over lease term
Fixtures & fittings
-
25% per annum straight line
Motor vehicles
-
25% per annum straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Pensions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 14 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
30,334
67,634
185,562
283,530
Additions
1,132
1,132
--------
--------
---------
---------
At 31 December 2023
30,334
68,766
185,562
284,662
--------
--------
---------
---------
Depreciation
At 1 January 2023
26,779
62,627
148,530
237,936
Charge for the year
1,030
3,390
15,851
20,271
--------
--------
---------
---------
At 31 December 2023
27,809
66,017
164,381
258,207
--------
--------
---------
---------
Carrying amount
At 31 December 2023
2,525
2,749
21,181
26,455
--------
--------
---------
---------
At 31 December 2022
3,555
5,007
37,032
45,594
--------
--------
---------
---------
Land and buildings comprise short leasehold property improvements.
6. Debtors
2023
2022
£
£
Trade debtors
464,097
1,315,487
Other debtors
170,242
111,370
---------
------------
634,339
1,426,857
---------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
361,956
307,694
Social security and other taxes
166,716
298,865
Other creditors
375,550
1,356,439
---------
------------
904,222
1,962,998
---------
------------
Included within the liabilities disclosed above under other creditors is an amount of £6,957 (2022: £6,957) for which security over the assets to which the liability relates has been given.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
18,489
25,445
--------
--------
Included within the liabilities disclosed above under other creditors is an amount of £18,489 (2022: £25,445) for which security over the assets to which the liability relates has been given.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases amount to £41,101 (2022: £17,120).