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Company Registration No. 10053482 (England and Wales)
Orinoco Communications Ltd Unaudited accounts for the year ended 31 December 2023
Orinoco Communications Ltd Unaudited accounts Contents
Page
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Orinoco Communications Ltd Company Information for the year ended 31 December 2023
Director
Peter Barker
Company Number
10053482 (England and Wales)
Registered Office
Impact Hub Brixton 17a Electric Lane London SW9 8LA England
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Orinoco Communications Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,480 
4,751 
Current assets
Debtors
48,783 
47,933 
Cash at bank and in hand
21,274 
1,591 
70,057 
49,524 
Creditors: amounts falling due within one year
(41,536)
(27,220)
Net current assets
28,521 
22,304 
Total assets less current liabilities
33,001 
27,055 
Creditors: amounts falling due after more than one year
- 
(258)
Provisions for liabilities
Deferred tax
(883)
(883)
Net assets
32,118 
25,914 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
32,117 
25,913 
Shareholders' funds
32,118 
25,914 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 September 2024 and were signed on its behalf by
Peter Barker Director Company Registration No. 10053482
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Orinoco Communications Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Orinoco Communications Ltd is a private company, limited by shares, registered in England and Wales, registration number 10053482. The registered office is Impact Hub Brixton, 17a Electric Lane, London, SW9 8LA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value or the consideration received for 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.
Employee benefits
The cost 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.
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.
Taxation
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 expenses 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 subsequently enacted by the reporting end date.
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Orinoco Communications Ltd Notes to the Accounts for the year ended 31 December 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Impairment of fixed assets
At each reporting period end date, the company 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Equity instruments
Equity instruments issued by the company are recognised 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.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the director has made the following judgements: Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key sources of estimation uncertainty: Tangible fixed assets (note 4) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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Orinoco Communications Ltd Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 January 2023
8,949 
Additions
452 
At 31 December 2023
9,401 
Depreciation
At 1 January 2023
4,198 
Charge for the year
723 
At 31 December 2023
4,921 
Net book value
At 31 December 2023
4,480 
At 31 December 2022
4,751 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
29,700 
36,440 
Accrued income and prepayments
19,083 
11,493 
48,783 
47,933 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
5,294 
3,056 
Obligations under finance leases and hire purchase contracts
258 
1,033 
Trade creditors
10,379 
13,258 
Taxes and social security
20,956 
5,776 
Other creditors
3,295 
3,318 
Loans from directors
208 
29 
Accruals
1,146 
750 
41,536 
27,220 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
- 
258 
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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