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Registration number: 14866498

Third Planet Orbital Limited

Annual Report and Unaudited Financial Statements

for the Period from 12 May 2023 to 31 May 2024

 

Third Planet Orbital Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 7

 

Third Planet Orbital Limited

Company Information

Directors

Mr Miles Warwick Ashcroft

Mr Daniel Martin

Registered office

Advanced Technology Innovation Centre (ATIC)
5 Oakwood Drive
Loughborough
Leicestershire
LE11 3QF

Accountants

Pattinsons Business Services Ltd
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

 

Third Planet Orbital Limited

Directors' Report for the Period from 12 May 2023 to 31 May 2024

The directors present their report and the financial statements for the period from 12 May 2023 to 31 May 2024.

Incorporation

The company was incorporated on 12 May 2023 and commenced trading on 1 June 2023.

Directors of the company

The directors who held office during the period were as follows:

Mr Miles Warwick Ashcroft (appointed 12 May 2023)

Mr Daniel Martin (appointed 4 August 2023)

Principal activity

The principal activity of the company is the manufacturing and consulting of air and spacecraft machinery.

Going concern

The financial statements have been prepared on a going concern basis. The company continues to be supported by it's creditors including loans from the directors. The directors will not seeking repayment of their loans for the foreseeable future, therefore the directors considers it appropriate to prepare the financial statements on a going concern basis.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 20 September 2024 and signed on its behalf by:

.........................................
Mr Miles Warwick Ashcroft
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Third Planet Orbital Limited
for the Period Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Third Planet Orbital Limited for the period ended 31 May 2024 as set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Third Planet Orbital Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Third Planet Orbital Limited and state those matters that we have agreed to state to the Board of Directors of Third Planet Orbital Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Third Planet Orbital Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Third Planet Orbital Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Third Planet Orbital Limited. You consider that Third Planet Orbital Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Third Planet Orbital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

20 September 2024

 

Third Planet Orbital Limited

(Registration number: 14866498)
Balance Sheet as at 31 May 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

1,968

Current assets

 

Debtors

6

1,447

Cash at bank and in hand

 

5,866

 

7,313

Creditors: Amounts falling due within one year

7

(29,611)

Net current liabilities

 

(22,298)

Net liabilities

 

(20,330)

Capital and reserves

 

Called up share capital

8

2

Retained earnings

(20,332)

Shareholders' deficit

 

(20,330)

For the financial period ending 31 May 2024 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
Mr Miles Warwick Ashcroft
Director

 

Third Planet Orbital Limited

Notes to the Unaudited Financial Statements for the Period from 12 May 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Advanced Technology Innovation Centre (ATIC)
5 Oakwood Drive
Loughborough
Leicestershire
LE11 3QF
United Kingdom

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years straight line

 

Third Planet Orbital Limited

Notes to the Unaudited Financial Statements for the Period from 12 May 2023 to 31 May 2024

Fixtures & fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the period, was 2.

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

474

 

Third Planet Orbital Limited

Notes to the Unaudited Financial Statements for the Period from 12 May 2023 to 31 May 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,442

2,442

At 31 May 2024

2,442

2,442

Depreciation

Charge for the period

474

474

At 31 May 2024

474

474

Carrying amount

At 31 May 2024

1,968

1,968

6

Debtors

2024
£

Prepayments

765

Other debtors

682

1,447

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Trade creditors

 

1,887

Other creditors

 

27,724

 

29,611

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £0.01 each

200

2