Orba Group Ltd
Registered number: 12038710
Statement of Financial Position
as at 30 June 2024
As Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 51,681 1,781
Current assets
Stocks 598,915 808,670
Debtors 4 63,183 102,611
Cash at bank and in hand 113,767 483,333
775,865 1,394,614
Creditors: amounts falling due within one year 5 (487,165) (1,157,160)
Net current assets 288,700 237,454
Total assets less current liabilities 340,381 239,235
Creditors: amounts falling due after more than one year 6 (39,998) (50,000)
Net assets 300,383 189,235
Capital and reserves
Called up share capital 100 100
Profit and loss account 300,283 189,135
Shareholders' funds 300,383 189,235
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B O'Regan
Director
Approved by the board on 27 November 2024
Orba Group Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 - 3,975 - 3,975
Additions 7,500 37,771 16,995 62,266
At 30 June 2024 7,500 41,746 16,995 66,241
Depreciation
At 1 July 2023 - 2,194 - 2,194
Charge for the year - 9,888 2,478 12,366
At 30 June 2024 - 12,082 2,478 14,560
Net book value
At 30 June 2024 7,500 29,664 14,517 51,681
At 30 June 2023 - 1,781 - 1,781
As Restated
4 Debtors 2024 2023
£ £
Trade debtors 28,321 99,984
Prepayments 4,391 1,292
Other debtors 30,471 1,335
63,183 102,611
As Restated
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 38,665 30,000
Trade creditors 441,479 785,531
Accruals 1,415 226,408
Other taxes and social security costs - 113,813
Other creditors 5,606 1,408
487,165 1,157,160
As Restated
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 39,998 50,000
7 Prior period adjustment
There were two purchase invoices entered in this year which related to sales made in the previous year. These purchases amounted to £225,000. The comparatives have now been restated to accrue for these cost in the prior year to correctly match against the relevant sales and the corporation tax liability has subsequently been adjusted.
8 Other information
Orba Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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