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COMPANY REGISTRATION NUMBER: 06731488
Orbit Remit Limited
Filleted Unaudited Financial Statements
31 July 2024
Orbit Remit Limited
Financial Statements
Period from 1 April 2023 to 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Orbit Remit Limited
Statement of Financial Position
31 July 2024
31 Jul 24
31 Mar 23
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,722
Current assets
Debtors
6
30,000
12,842
Cash at bank and in hand
362,141
--------
---------
30,000
374,983
Creditors: amounts falling due within one year
7
252,566
--------
---------
Net current assets
30,000
122,417
--------
---------
Total assets less current liabilities
30,000
125,139
--------
---------
Net assets
30,000
125,139
--------
---------
Capital and reserves
Called up share capital
8
30,000
175,060
Profit and loss account
( 49,921)
--------
---------
Shareholders funds
30,000
125,139
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Orbit Remit Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
T J Heptinstall
Director
Company registration number: 06731488
Orbit Remit Limited
Notes to the Financial Statements
Period from 1 April 2023 to 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, CM2 0AW, Essex The company ceased trading 28 February 2024.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents fees and commissions receivable for services provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2023: 4 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
25,269
25,269
Disposals
( 25,269)
( 25,269)
--------
--------
At 31 July 2024
--------
--------
Depreciation
At 1 April 2023
22,547
22,547
Disposals
( 22,547)
( 22,547)
--------
--------
At 31 July 2024
--------
--------
Carrying amount
At 31 July 2024
--------
--------
At 31 March 2023
2,722
2,722
--------
--------
6. Debtors
31 Jul 24
31 Mar 23
£
£
Prepayments and accrued income
4,373
Other debtors
30,000
8,469
--------
--------
30,000
12,842
--------
--------
7. Creditors: amounts falling due within one year
31 Jul 24
31 Mar 23
£
£
Bank loans and overdrafts
31
Trade creditors
2,158
Amounts owed to group undertakings
65,776
Accruals and deferred income
4,829
Social security and other taxes
3,013
Other creditors
176,759
----
---------
252,566
----
---------
8. Called up share capital
Issued, called up and fully paid
31 Jul 24
31 Mar 23
No.
£
No.
£
Ordinary shares of £ 1 each
30,000
30,000
175,060
175,060
--------
--------
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Jul 24
31 Mar 23
£
£
Not later than 1 year
31,734
Later than 1 year and not later than 5 years
16,254
----
--------
47,988
----
--------
10. Related party transactions
As at 31 March 2023 the company owed OrbitRemit Ltd £65,776. During the current period OrbitRemit Limited ceased to be the ultimate parent company. OrbitRemit Limited is a company incorporated in New Zealand.