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REGISTERED NUMBER: 05052967 (England and Wales)















ORBITEC LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






ORBITEC LTD (REGISTERED NUMBER: 05052967)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ORBITEC LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K Hennah
Mrs C J Hennah





SECRETARY: Mrs C J Hennah





REGISTERED OFFICE: Unit 40 Royal Scot Road
Pride Park
Derby
Derbyshire
DE24 8AJ





REGISTERED NUMBER: 05052967 (England and Wales)

ORBITEC LTD (REGISTERED NUMBER: 05052967)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,331 10,522
Investment property 5 150,720 150,720
159,051 161,242

CURRENT ASSETS
Stocks 373,590 280,454
Debtors 6 202,768 142,330
Cash at bank 1,178,715 1,089,836
1,755,073 1,512,620
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

267,619

278,053
NET CURRENT ASSETS 1,487,454 1,234,567
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,646,505

1,395,809

PROVISIONS FOR LIABILITIES 1,236 1,214
NET ASSETS 1,645,269 1,394,595

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,645,169 1,394,495
SHAREHOLDERS' FUNDS 1,645,269 1,394,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ORBITEC LTD (REGISTERED NUMBER: 05052967)

BALANCE SHEET - continued
31 DECEMBER 2023


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 23 September 2024 and were signed on its behalf by:





K Hennah - Director


ORBITEC LTD (REGISTERED NUMBER: 05052967)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Orbitec Ltd 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 financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover
Turnover represents net invoiced sales of goods and services, net of value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - 5% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


ORBITEC LTD (REGISTERED NUMBER: 05052967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 10 ) .

ORBITEC LTD (REGISTERED NUMBER: 05052967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 17,700 70,653 157,122 103,908 349,383
Additions - 6,851 3,750 - 10,601
Disposals - (23,537 ) (93,481 ) - (117,018 )
At 31 December 2023 17,700 53,967 67,391 103,908 242,966
DEPRECIATION
At 1 January 2023 16,815 70,634 147,507 103,905 338,861
Charge for year 884 1,713 10,096 - 12,693
Eliminated on disposal - (23,528 ) (93,391 ) - (116,919 )
At 31 December 2023 17,699 48,819 64,212 103,905 234,635
NET BOOK VALUE
At 31 December 2023 1 5,148 3,179 3 8,331
At 31 December 2022 885 19 9,615 3 10,522


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 150,720
NET BOOK VALUE
At 31 December 2023 150,720
At 31 December 2022 150,720

The investment property is stated at the original cost, which is not considered to be materially different from the market value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 167,919 113,209
Other debtors 34,849 29,121
202,768 142,330

ORBITEC LTD (REGISTERED NUMBER: 05052967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 51,010 152,541
Taxation and social security 134,272 100,750
Other creditors 82,337 24,762
267,619 278,053

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

9. CONTROL

The controlling party is the directors.