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Registered number: 13194879
ORBIT AUTOS LIMITED
Unaudited Financial Statements
For The Year Ended 29 February 2024
ZA LTD
FMAAT AND FFA
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Statement of Changes in Equity 4
Notes to the Financial Statements 5—6
Page 1
Accountants' Report
Report of the Accountant to the director of ORBIT AUTOS LIMITED
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 29 February 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
ZA Ltd
28/11/2024
ZA LTD
FMAAT AND FFA
Page 1
Page 2
Balance Sheet
Registered number: 13194879
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 921 1,084
921 1,084
CURRENT ASSETS
Stocks 5 267,390 258,488
Debtors 6 7 -
Cash at bank and in hand 100 24,143
267,497 282,631
Creditors: Amounts Falling Due Within One Year 7 (20,653 ) (9,556 )
NET CURRENT ASSETS (LIABILITIES) 246,844 273,075
TOTAL ASSETS LESS CURRENT LIABILITIES 247,765 274,159
Creditors: Amounts Falling Due After More Than One Year 8 (260,033 ) (299,119 )
NET LIABILITIES (12,268 ) (24,960 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (12,368 ) (25,060 )
SHAREHOLDERS' FUNDS (12,268) (24,960)
Page 2
Page 3
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ali Al-Quzweeni
Director
28/11/2024
The notes on pages 5 to 6 form part of these financial statements.
Page 3
Page 4
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 March 2022 100 (51,928 ) (51,828)
Profit for the year and total comprehensive income - 26,868 26,868
As at 28 February 2023 and 1 March 2023 100 (25,060 ) (24,960)
Profit for the year and total comprehensive income - 12,692 12,692
As at 29 February 2024 100 (12,368 ) (12,268)
Page 4
Page 5
Notes to the Financial Statements
1. General Information
ORBIT AUTOS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 13194879 . The registered office is 2 River Approach, Edgware, HA8 0FU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% on reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 4 4
4 4
Page 5
Page 6
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 March 2023 1,500
As at 29 February 2024 1,500
Depreciation
As at 1 March 2023 416
Provided during the period 163
As at 29 February 2024 579
Net Book Value
As at 29 February 2024 921
As at 1 March 2023 1,084
5. Stocks
2024 2023
£ £
Finished goods 267,390 258,488
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 7 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 12,900 -
Accruals and deferred income 7,753 9,556
20,653 9,556
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 260,033 299,119
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6