Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseThe company's principal activity continues to be that of the supply of aero and industrial gas turbineengines and components.2023-02-0188truefalse 02990055 2023-02-01 2024-01-31 02990055 2022-02-01 2023-01-31 02990055 2024-01-31 02990055 2023-01-31 02990055 c:Director1 2023-02-01 2024-01-31 02990055 d:Buildings 2023-02-01 2024-01-31 02990055 d:Buildings 2024-01-31 02990055 d:Buildings 2023-01-31 02990055 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02990055 d:PlantMachinery 2023-02-01 2024-01-31 02990055 d:PlantMachinery 2024-01-31 02990055 d:PlantMachinery 2023-01-31 02990055 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02990055 d:MotorVehicles 2023-02-01 2024-01-31 02990055 d:MotorVehicles 2024-01-31 02990055 d:MotorVehicles 2023-01-31 02990055 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02990055 d:FurnitureFittings 2023-02-01 2024-01-31 02990055 d:FurnitureFittings 2024-01-31 02990055 d:FurnitureFittings 2023-01-31 02990055 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02990055 d:OfficeEquipment 2023-02-01 2024-01-31 02990055 d:OfficeEquipment 2024-01-31 02990055 d:OfficeEquipment 2023-01-31 02990055 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02990055 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02990055 d:CurrentFinancialInstruments 2024-01-31 02990055 d:CurrentFinancialInstruments 2023-01-31 02990055 d:Non-currentFinancialInstruments 2024-01-31 02990055 d:Non-currentFinancialInstruments 2023-01-31 02990055 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 02990055 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 02990055 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 02990055 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 02990055 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 02990055 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 02990055 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 02990055 d:ShareCapital 2024-01-31 02990055 d:ShareCapital 2023-01-31 02990055 d:RetainedEarningsAccumulatedLosses 2024-01-31 02990055 d:RetainedEarningsAccumulatedLosses 2023-01-31 02990055 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-01-31 02990055 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 02990055 c:FRS102 2023-02-01 2024-01-31 02990055 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 02990055 c:AbridgedAccounts 2023-02-01 2024-01-31 02990055 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02990055 2 2023-02-01 2024-01-31 02990055 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 02990055









ORANGE AERO LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024


 
ORANGE AERO LIMITED
REGISTERED NUMBER:02990055

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
699,633
601,559

  
699,633
601,559

Current assets
  

Stocks
 5 
2,617,055
3,511,666

Debtors
 6 
2,545,677
2,954,879

Cash at bank and in hand
 7 
1,624,703
509,094

  
6,787,435
6,975,639

Creditors: amounts falling due within one year
 8 
(716,231)
(810,611)

Net current assets
  
 
 
6,071,204
 
 
6,165,028

Total assets less current liabilities
  
6,770,837
6,766,587

Creditors: amounts falling due after more than one year
 9 
(475,000)
(1,101,861)

Net assets
  
6,295,837
5,664,726


Capital and reserves
  

Called up share capital 
  
910
910

Profit and loss account
  
6,294,927
5,663,816

Shareholders' funds
  
6,295,837
5,664,726


Page 1


 
ORANGE AERO LIMITED
REGISTERED NUMBER:02990055
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 July 2024.



................................................
Mr S C Jeffs
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

The Company is incorporated in England and Wales and is limited by shares. The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA. The Company's principal place of business is Unit O, Howland Road Business Park, Howland Road, Thame, Oxfordshire, OX9 3GQ.
The company's principal activity continues to be that of the supply of aero and industrial gas turbine engines and components.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

REVENUE

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 6


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.14
FINANCIAL INSTRUMENTS (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 February 2023
516,841
91,043
132,470
25,745
34,080


Additions
-
52,392
74,000
-
11,197


Disposals
-
-
-
-
(7,761)



At 31 January 2024

516,841
143,435
206,470
25,745
37,516



Depreciation


At 1 February 2023
-
85,652
70,139
19,936
22,893


Charge for the year on owned assets
-
9,642
23,298
1,444
3,952


Disposals
-
-
-
-
(6,582)



At 31 January 2024

-
95,294
93,437
21,380
20,263



Net book value



At 31 January 2024
516,841
48,141
113,033
4,365
17,253



At 31 January 2023
516,841
5,391
62,331
5,809
11,187
Page 7


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           4.TANGIBLE FIXED ASSETS (CONTINUED)


Total

£



Cost or valuation


At 1 February 2023
800,179


Additions
137,589


Disposals
(7,761)



At 31 January 2024

930,007



Depreciation


At 1 February 2023
198,620


Charge for the year on owned assets
38,336


Disposals
(6,582)



At 31 January 2024

230,374



Net book value



At 31 January 2024
699,633



At 31 January 2023
601,559


5.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
2,617,055
3,511,666



6.


DEBTORS

2024
2023
£
£


Trade debtors
1,199,754
1,807,712

Other debtors
1,273,721
1,133,335

Prepayments and accrued income
72,202
13,832

2,545,677
2,954,879


Page 8


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,624,703
509,094

1,624,703
509,094



8.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
300,000
314,000

Payments received on account
827
827

Trade creditors
51,692
92,349

Taxation
248,390
320,730

Other creditors
25,535
34,320

Accruals and deferred income
89,787
48,385

716,231
810,611



9.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
475,000
1,101,861

475,000
1,101,861


Page 9


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
300,000
314,000


300,000
314,000

Amounts falling due 1-2 years

Bank loans
300,000
314,500


300,000
314,500

Amounts falling due 2-5 years

Bank loans
175,000
520,000


175,000
520,000

Amounts falling due after more than 5 years

Bank loans
-
267,361

-
267,361

775,000
1,415,861



11.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,624,703
509,094




Financial assets measured at fair value through profit or loss comprise solely of cash.


12.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,830 [2023 - £6,423].

Page 10


 
ORANGE AERO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


TRANSACTIONS WITH DIRECTORS

Included in other creditors due within one year is a loan from the director, Mr S C Jeffs amounting to £(7) [2023 - £(77)].
Included in other creditors due within one year is a loan from the director, Mr M P Jeffs amounting to
£Nil [2023 - £(8,716)].


14.


RELATED PARTY TRANSACTIONS

The director and shareholder, Mr S C Jeffs, is also a director and shareholder in Brooklands Watch Company Limited, a company incorporated in England and Wales.
At the end of the year £1,222,193 [2023 - £909,461] was due from Brooklands Watch Company Limited. This amount is included in other debtors.


15.


CONTROLLING PARTY

The directors consider Orange Aero Holdings Limited to be the controlling party, by virtue of the fact that the Company owns all of the ordinary issued share capital in Orange Aero Limited.


 
Page 11