Company No:
Contents
DIRECTORS | A Delestienne |
M A Fuchs (Appointed 05 August 2024) | |
P R Palaniappan | |
R K Taylor | |
G Wille (Resigned 05 August 2024) |
SECRETARY | Mbm Secretarial Services Limited |
REGISTERED OFFICE | 164-180 Union Street |
Unit 311 | |
London | |
SE1 0LH | |
United Kingdom |
COMPANY NUMBER | 09559611 (England and Wales) |
ACCOUNTANT | Gravita Essex Limited |
Treviot House | |
186-192 High Road | |
Ilford | |
Essex | |
IG1 1LR | |
United Kingdom |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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8,138 | 24,101 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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669,812 | 1,652,663 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current (liabilities)/assets | (75,929) | 860,486 | ||
Total assets less current liabilities | (67,791) | 884,587 | ||
Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Other reserves |
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Profit and loss account | (
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Total shareholders' (deficit)/funds | (
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Origin Primary Limited (registered number:
P R Palaniappan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Origin Primary Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 164-180 Union Street, Unit 311, London, SE1 0LH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Plant and machinery etc. |
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2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
The company also operates an Unapproved Share Option Scheme. The options are B Ordinary shares granted with a fixed exercise price determined at the grant of the option. The majority of the options vest immediately with the remainder vesting as performance milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of grant.
Details of the share options outstanding during the financial year are as follows:
2024 | 2023 | ||||
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Forfeited during the period | (
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Exercised during the period | (
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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The Company recognised total expenses of £4,151 and £5,625 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2024 |
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At 31 December 2024 |
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Accumulated depreciation | |||
At 01 January 2024 |
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Charge for the financial year |
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At 31 December 2024 |
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Net book value | |||
At 31 December 2024 |
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At 31 December 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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Other financial commitments
The total financial lease commitments for the company is £137,950 (2023 : £122,879)