0 false false false false false false false false false false true false false false false false true No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 2,792,496 675 2,793,171 2,793,171 2,792,496 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 06060335 2023-08-01 2024-07-31 06060335 2024-07-31 06060335 2023-07-31 06060335 2022-08-01 2023-07-31 06060335 2023-07-31 06060335 2022-07-31 06060335 bus:Director1 2023-08-01 2024-07-31 06060335 core:LandBuildings 2023-08-01 2024-07-31 06060335 core:WithinOneYear 2024-07-31 06060335 core:WithinOneYear 2023-07-31 06060335 core:AfterOneYear 2024-07-31 06060335 core:AfterOneYear 2023-07-31 06060335 core:ShareCapital 2024-07-31 06060335 core:ShareCapital 2023-07-31 06060335 core:OtherReservesSubtotal 2024-07-31 06060335 core:OtherReservesSubtotal 2023-07-31 06060335 core:RetainedEarningsAccumulatedLosses 2024-07-31 06060335 core:RetainedEarningsAccumulatedLosses 2023-07-31 06060335 core:CostValuation core:Non-currentFinancialInstruments 2024-07-31 06060335 core:Non-currentFinancialInstruments 2024-07-31 06060335 core:Non-currentFinancialInstruments 2023-07-31 06060335 core:LandBuildings 2024-07-31 06060335 core:LandBuildings 2023-07-31 06060335 core:LandBuildings 2023-07-31 06060335 bus:SmallEntities 2023-08-01 2024-07-31 06060335 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 06060335 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 06060335 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06060335 bus:FullAccounts 2023-08-01 2024-07-31 06060335 core:AfterOneYear 2023-08-01 2024-07-31 06060335 core:EntitiesControlledByKeyManagementPersonnel 2024-07-31 06060335 core:EntitiesControlledByKeyManagementPersonnel 2023-07-31
COMPANY REGISTRATION NUMBER: 06060335
Orbital Property Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
Orbital Property Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,793,171
2,792,496
Investments
6
100
100
------------
------------
2,793,271
2,792,596
Current assets
Debtors
7
133,931
1,711
Cash at bank and in hand
5,580
3,193
---------
-------
139,511
4,904
Creditors: amounts falling due within one year
8
181,597
160,877
---------
---------
Net current liabilities
42,086
155,973
------------
------------
Total assets less current liabilities
2,751,185
2,636,623
Creditors: amounts falling due after more than one year
9
978,447
1,017,237
------------
------------
Net assets
1,772,738
1,619,386
------------
------------
Capital and reserves
Called up share capital
200
200
Non-distributable reserve
266,696
266,696
Profit and loss account
1,505,842
1,352,490
------------
------------
Shareholders funds
1,772,738
1,619,386
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Orbital Property Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
A Townsend
Director
Company registration number: 06060335
Orbital Property Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chapel Pond Hill, Bury St Edmunds, Suffolk, IP32 7HT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents rental income receivable for the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure, and subsequently stated at fair value. The gain or loss arising from the annual revaluation is recognised through profit and loss, with any unrealised gains at the balance sheet date being subsequently transferred to a separate non-distributable revaluation reserve.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2023: nil).
5. Tangible assets
Investment property
£
Cost
At 1 August 2023
2,792,496
Additions
675
------------
At 31 July 2024
2,793,171
------------
Depreciation
At 1 August 2023 and 31 July 2024
------------
Carrying amount
At 31 July 2024
2,793,171
------------
At 31 July 2023
2,792,496
------------
Investment properties are held at a fair value of £2,793,171 (2023: £2,792,496) as based on the directors' best estimate after taking advice from local agents. The original cost of the properties was £2,527,150 (2023: £2,526,475).
6. Investments
Shares in group undertakings
£
Cost
At 1 August 2023 and 31 July 2024
100
----
Impairment
At 1 August 2023 and 31 July 2024
----
Carrying amount
At 31 July 2024
100
----
At 31 July 2023
100
----
During an earlier year the company acquired 100% of the share capital of Orbital Foods Limited in a share for share exchange with the directors of the company, including their family members.
The acquisition was accounted for using the merger accounting method and therefore the shares issued as part of the arrangement and the cost of the investment in the subsidiary have been recorded at the nominal value of the shares issued.
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
132,568
Other debtors
1,363
1,711
---------
-------
133,931
1,711
---------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
38,806
37,567
Amounts owed to group undertakings and undertakings in which the company has a participating interest
33,223
Social security and other taxes
136,336
83,637
Other creditors
6,455
6,450
---------
---------
181,597
160,877
---------
---------
The bank loan is secured on the company's freehold investment property and a fixed and floating charge over all of the company's assets.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
39,697
78,487
Other creditors
938,750
938,750
---------
------------
978,447
1,017,237
---------
------------
The bank loan is secured on the company's freehold investment property and a fixed and floating charge over all of the company's assets. Included within the other creditors due after more than one year is an amount of £650,000 relating to deferred consideration which is secured on the company's freehold investment property.
10. Related party transactions
During the previous year the company received loans from its subsidiary amounting to £33,223. These were outstanding at the start of the current year but fully repaid in the year ended 31 July 2024. During the year ended 31 July 2024 the company made loans to its subsidiary amounting to £ 132,568 which were outstanding as at the balance sheet date. During the previous year a loan was received from a company connected with the directors. As at the balance sheet date the company owed £ 288,750 (2023: £ 288,750 ). All interest due on the loans has been waived for the current and previous year.