Company registration number 04121296 (England and Wales)
ORCHARD ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ORCHARD ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ORCHARD ESTATES LIMITED (REGISTERED NUMBER: 04121296)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,526
2,156
Investment property
5
1,150,000
1,050,000
1,153,526
1,052,156
Current assets
Cash at bank and in hand
3,428
1,609
Creditors: amounts falling due within one year
6
(226,348)
(167,643)
Net current liabilities
(222,920)
(166,034)
Total assets less current liabilities
930,606
886,122
Creditors: amounts falling due after more than one year
7
(351,329)
(372,297)
Provisions for liabilities
(19,585)
(410)
Net assets
559,692
513,415
Capital and reserves
Called up share capital
9
100
100
Non-distributable profits reserve
10
719,672
638,672
Distributable profit and loss reserves
(160,080)
(125,357)
Total equity
559,692
513,415
ORCHARD ESTATES LIMITED (REGISTERED NUMBER: 04121296)
BALANCE SHEET (CONTINUED)
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
Mrs R Hossenboccus
Director
ORCHARD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 JUNE 2024
- 3 -
1
Accounting policies
Company information
Orchard Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably and;
The costs incurred and the costs to complete the contract can be measured reliably
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ORCHARD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% on reducing balance
Office equipment
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
ORCHARD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 JUNE 2024
- 5 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
Cost
At 29 June 2023
2,883
5,903
8,786
Additions
491
1,324
1,815
At 28 June 2024
3,374
7,227
10,601
Depreciation and impairment
At 29 June 2023
2,709
3,921
6,630
Depreciation charged in the year
32
413
445
At 28 June 2024
2,741
4,334
7,075
Carrying amount
At 28 June 2024
633
2,893
3,526
At 28 June 2023
174
1,982
2,156
5
Investment property
2024
£
Fair value
At 29 June 2023
1,050,000
Revaluations
100,000
At 28 June 2024
1,150,000
Investment property comprises of two properties valued at £850,000 and £300,000 respectively. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,967
20,967
Trade creditors
7,990
5,792
Taxation and social security
64,035
51,766
Other creditors
133,356
89,118
226,348
167,643
ORCHARD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 JUNE 2024
- 6 -
7
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
351,329
372,297
351,329
372,297
8
Secured Debts
The bank loan of £140,940 within creditors represents a secured debt. (2023: £140,940)
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
638,672
638,672
Non distributable profits in the year
81,000
-
At the end of the year
719,672
638,672
11
Reserves
Included within reserves is a non-distributable sum of £719,672 (2023: £638,672) relating to the movement in fair value of the company's investment property.
12
Financial commitments, guarantees and contingent liabilities
The company gives the bank a fixed and floating charge over its assets and undertaking owned now and in the future.
Bank loans are subject to a charge over the company's property.