Registration number:
Ormitech Limited
for the Year Ended 31 August 2024
Ormitech Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
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iXBRL Detailed Profit and Loss Account |
Ormitech Limited
Company Information
Director |
Mr R D Ormston |
Registered office |
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Accountants |
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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:
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
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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.
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Chartered Certified Accountants
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB
Ormitech Limited
Profit and Loss Account for the Year Ended 31 August 2024
Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Operating profit |
6,368 |
15,045 |
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Profit before tax |
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|
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Tax on profit |
( |
( |
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Profit for the financial year |
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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 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
• |
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• |
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
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Ormitech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Amortisation expense |
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- |
Ormitech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 August 2024 |
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Amortisation |
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Amortisation charge |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Ormitech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Debtors |
Current |
2024 |
2023 |
Trade debtors |
- |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
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100 |
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
390 |
2,000 |
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Ormitech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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 |
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The loan is interest free with no fixed date of repayment. |
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( |
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Director's remuneration
The director's remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Ormitech Limited
Detailed Profit and Loss Account for the Year Ended 31 August 2024
2024 |
2023 |
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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 |
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Purchases |
(821) |
(2,374) |
Employee benefits expense |
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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 |
|
|
Salaries and fees, directors |
( |
( |
Depreciation of fixed assets |
( |
( |
Amortisation for intangible assets |
( |
- |
Travel and subsistence |
( |
( |
Staff entertaining costs |
- |
( |
Audit and accountancy costs |
(2,322) |
(2,227) |
Other repairs and maintenance costs |
( |
( |
Insurance costs |
( |
( |
IT and computing |
( |
( |
Printing, postage and stationery costs |
( |
( |
Subscriptions |
|
( |
Other operational and administration costs |
( |
( |
Other operating charges |
(9,434) |
(11,215) |
Profit on ordinary activities before taxation |
|
|
Tax on profit or loss on ordinary activities |
( |
( |
Profit for the financial year |
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