Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01falsefalseNo description of principal activity22truefalse 14083117 2023-06-01 2024-05-31 14083117 2022-05-03 2023-05-31 14083117 2024-05-31 14083117 2023-05-31 14083117 c:Director2 2023-06-01 2024-05-31 14083117 d:CurrentFinancialInstruments 2024-05-31 14083117 d:CurrentFinancialInstruments 2023-05-31 14083117 d:Non-currentFinancialInstruments 2024-05-31 14083117 d:Non-currentFinancialInstruments 2023-05-31 14083117 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 14083117 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 14083117 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 14083117 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 14083117 d:ShareCapital 2024-05-31 14083117 d:ShareCapital 2023-05-31 14083117 d:RetainedEarningsAccumulatedLosses 2024-05-31 14083117 d:RetainedEarningsAccumulatedLosses 2023-05-31 14083117 c:FRS102 2023-06-01 2024-05-31 14083117 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 14083117 c:FullAccounts 2023-06-01 2024-05-31 14083117 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 14083117 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 14083117 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 14083117 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 14083117 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 14083117 d:HirePurchaseContracts d:MoreThanFiveYears 2024-05-31 14083117 d:HirePurchaseContracts d:MoreThanFiveYears 2023-05-31 14083117 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 14083117










ORTA I LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2024

 
ORTA I LIMITED
REGISTERED NUMBER: 14083117

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Fixed assets held for sale
 4 
600,000
753,774

Debtors: amounts falling due within one year
 5 
3,388
3,676

Cash at bank and in hand
  
1,430
8,107

  
604,818
765,557

Creditors: amounts falling due within one year
 6 
(369,226)
(264,261)

Net current assets
  
 
 
235,592
 
 
501,296

Total assets less current liabilities
  
235,592
501,296

Creditors: amounts falling due after more than one year
 7 
(488,500)
(528,300)

  

Net liabilities
  
(252,908)
(27,004)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(252,909)
(27,005)

  
(252,908)
(27,004)


Page 1

 
ORTA I LIMITED
REGISTERED NUMBER: 14083117
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 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 period 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 profit and loss account 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 by: 






J A Jaffa
Director

Date: 26 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
ORTA I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

Orta I Limited is a private company limited by shares. It is incorporated in Engand and Wales. Its registered number is 14083117. The registered office is C/O Jaffa & Co, Farnborough Airport, Farnborough, Hampshire, GU14 6XA.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company is loss making and has net liabilities of £252,908 (2022: £27,004) which may indicate that it is not a going concern. The directors have indicated their continued support for the company, and thus the directors have adopted the going concern assumption in the preparation of these financial statements.

 
2.3

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.

 
2.4

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.

Page 3

 
ORTA I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Assets held for sale

Assets held for sale are reported at the lower of the carrying amount and fair value less costs to sell. Such assets are not depreciated.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

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 payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
ORTA I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 2).


4.


Fixed assets held for sale

2024
2023
£
£

Vessel
600,000
753,774



5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1
1

Prepayments and accrued income
3,387
3,675

3,388
3,676



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,333
3,825

Amounts owed to group undertakings
322,293
218,836

Obligations under finance lease and hire purchase contracts
39,800
39,800

Accruals and deferred income
1,800
1,800

369,226
264,261


Page 5

 
ORTA I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
488,500
528,300



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
39,800
39,800

Between 1-5 years
159,200
159,200

Over 5 years
329,301
369,100

528,301
568,100

The agreement with Lombard is secured by a charge which covers the mortgage of a vessel against 64/64 shares in the vessel.


9.


Controlling party

The immediate and ultimate parent company is Jaffa & Jaffa (Holdings) Limited, a company incorporated in England and Wales. The parent company's registered office is Farnborough Airport, Business Aviation Centre, Farnborough, Hampshire, GU14 6XA.

 
Page 6