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Registration number: 12826348

Ormitech Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Ormitech Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 10

Detailed Profit and Loss Account

11 to 12

iXBRL Detailed Profit and Loss Account

13

 

Ormitech Limited

Company Information

Director

Mr R D Ormston

Registered office

25 Fairview Drive
Hythe
Southampton
Hampshire
SO45 5GX

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Ormitech Limited

Director's Report for the Year Ended 31 August 2024

The report and the financial statements for the year ended 31 August 2024.

Director of the company

The director who held office during the year was as follows:

Mr R D Ormston

Principal activity

The principal activity of the company is engineering design activities for industrial process and production.

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 and authorised by the director on 28 November 2024
 

.........................................
Mr R D Ormston
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ormitech Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ormitech Limited for the year ended 31 August 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/
standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Ormitech 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 Ormitech Limited and state those matters that we have agreed to state to the Board of Directors of Ormitech Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-
activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ormitech Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ormitech 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 profit of Ormitech Limited. You consider that Ormitech Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ormitech 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.

......................................

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

28 November 2024

 

Ormitech Limited

Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

25,580

35,764

Cost of sales

 

(821)

(2,374)

Gross profit

 

24,759

33,390

Administrative expenses

 

(18,391)

(18,345)

Operating profit

 

6,368

15,045

Profit before tax

4

6,368

15,045

Tax on profit

 

(1,340)

(2,666)

Profit for the financial year

 

5,028

12,379

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ormitech Limited

(Registration number: 12826348)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

370

-

Tangible assets

6

1,768

2,357

 

2,138

2,357

Current assets

 

Debtors

7

1,636

809

Cash at bank and in hand

 

27,375

23,280

 

29,011

24,089

Creditors: Amounts falling due within one year

8

(12,775)

(12,710)

Net current assets

 

16,236

11,379

Net assets

 

18,374

13,736

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

18,274

13,636

Shareholders' funds

 

18,374

13,736

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges 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 director on 28 November 2024
 

.........................................
Mr R D Ormston
Director

 

Ormitech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
25 Fairview Drive
Hythe
Southampton
Hampshire
SO45 5GX

These financial statements were authorised for issue by the director on 28 November 2024.

2

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Ormitech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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

Plant & Equipment

25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

589

408

Amortisation expense

93

-

 

Ormitech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

463

463

At 31 August 2024

463

463

Amortisation

Amortisation charge

93

93

At 31 August 2024

93

93

Carrying amount

At 31 August 2024

370

370

6

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

3,278

3,278

At 31 August 2024

3,278

3,278

Depreciation

At 1 September 2023

921

921

Charge for the year

589

589

At 31 August 2024

1,510

1,510

Carrying amount

At 31 August 2024

1,768

1,768

At 31 August 2023

2,357

2,357

 

Ormitech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

380

Prepayments

1,636

429

 

1,636

809

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,340

2,666

Other creditors

11,435

10,044

12,775

12,710

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Dividends

2024

2023

£

£

Interim dividend of £3.90 (2023 - £20.00) per ordinary share

390

2,000

 

 
 

Ormitech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

11

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr R D Ormston

The loan is interest free with no fixed date of repayment.

10,044

(216)

1,217

11,045

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,096

 

Ormitech Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
£

2023
£

Turnover (analysed below)

25,580

35,764

Raw materials and consumables used (analysed below)

(821)

(2,374)

Employee benefits expense (analysed below)

(10,163)

(11,444)

Depreciation and amortisation expense (analysed below)

(682)

(408)

Other expenses (analysed below)

(7,546)

(6,493)

Operating profit

6,368

15,045

Profit before tax

6,368

15,045

 

Ormitech Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2024 (continued)

2024
£

2023
£

   

Turnover

Sale of goods, UK

25,580

35,764

   

Raw materials and consumables used

Purchases

(821)

(2,374)

   

Employee benefits expense

Directors remuneration

(9,096)

(9,096)

Travelling

(1,067)

(2,348)

(10,163)

(11,444)

   

Depreciation and amortisation expense

Amortisation of development costs

(93)

-

Depreciation of plant and machinery (owned)

(589)

(408)

(682)

(408)

   

Other expenses

Insurance

(1,816)

(1,264)

Use of home as office

(312)

(312)

Repairs and maintenance

(268)

(102)

Computer software and maintenance costs

(2,544)

(2,237)

Printing, postage and stationery

(9)

(50)

Trade subscriptions

193

(193)

Staff entertaining (allowable for tax)

-

(40)

Accountancy fees

(2,322)

(2,227)

Bad debts written off

(379)

-

Bank charges

(89)

(68)

(7,546)

(6,493)

 

Ormitech Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
£

2023
£

Turnover/revenue

25,580

35,764

Salaries and fees, directors

(9,096)

(9,096)

Depreciation of fixed assets

(589)

(408)

Amortisation for intangible assets

(93)

-

Travel and subsistence

(1,067)

(2,348)

Staff entertaining costs

-

(40)

Audit and accountancy costs

(2,322)

(2,227)

Other repairs and maintenance costs

(268)

(102)

Insurance costs

(1,816)

(1,264)

IT and computing

(2,544)

(2,237)

Printing, postage and stationery costs

(9)

(50)

Subscriptions

193

(193)

Other operational and administration costs

(1,601)

(2,754)

Other operating charges

(9,434)

(11,215)

Profit on ordinary activities before taxation

6,368

15,045

Tax on profit or loss on ordinary activities

(1,340)

(2,666)

Profit for the financial year

5,028

12,379