Registration number:
Third Planet Orbital Limited
for the Period from 12 May 2023 to 31 May 2024
Third Planet Orbital Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Third Planet Orbital Limited
Company Information
Directors |
Mr Miles Warwick Ashcroft Mr Daniel Martin |
Registered office |
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Accountants |
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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
Directors of the company
The directors who held office during the period were as follows:
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
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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.
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Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
Third Planet Orbital Limited
(Registration number: 14866498)
Balance Sheet as at 31 May 2024
Note |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
2 |
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Retained earnings |
(20,332) |
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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:
• |
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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
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Third Planet Orbital Limited
Notes to the Unaudited Financial Statements for the Period from 12 May 2023 to 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
Staff numbers |
The average number of persons employed by the company during the period, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2024 |
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Depreciation expense |
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Third Planet Orbital Limited
Notes to the Unaudited Financial Statements for the Period from 12 May 2023 to 31 May 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 May 2024 |
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Depreciation |
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Charge for the period |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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Debtors |
2024 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
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No. |
£ |
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2 |