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COMPANY REGISTRATION NUMBER: 02951809
Orbital Foods Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
Orbital Foods Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
6,697,657
6,754,800
Current assets
Stocks
1,641,165
1,328,947
Debtors
7
1,085,580
765,878
Cash at bank and in hand
41,647
32,093
------------
------------
2,768,392
2,126,918
Creditors: amounts falling due within one year
8
3,046,762
2,483,222
------------
------------
Net current liabilities
278,370
356,304
------------
------------
Total assets less current liabilities
6,419,287
6,398,496
Creditors: amounts falling due after more than one year
9
3,365,864
3,472,115
Provisions
Taxation including deferred tax
88,652
78,299
------------
------------
Net assets
2,964,771
2,848,082
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
290,018
290,018
Profit and loss account
2,674,653
2,557,964
------------
------------
Shareholders funds
2,964,771
2,848,082
------------
------------
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 Foods 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: 02951809
Orbital Foods 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.
Foreign currency
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Revenue recognition
The turnover shown in the profit and loss represents food manufacturing machinery sold and rented out during the year, exclusive of Value Added Tax. Rentals spanning the year end are apportioned based on a straight line basis.
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.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Investment properties
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Sundry intangible assets
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line (Land is not depreciated) (Improvements - 10%)
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
30% reducing balance
Machinery for hire
-
10% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 34 ).
5. Intangible assets
Sundry intangible assets
£
Cost
At 1 August 2023 and 31 July 2024
15,000
--------
Amortisation
At 1 August 2023 and 31 July 2024
15,000
--------
Carrying amount
At 31 July 2024
--------
At 31 July 2023
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Machinery for hire
Total
£
£
£
£
£
£
Cost
At 1 Aug 2023
7,208,853
91,816
439,880
81,295
271,488
8,093,332
Additions
66,599
19,810
56,333
3,477
146,219
Disposals
( 18,468)
( 18,468)
------------
---------
---------
--------
---------
------------
At 31 Jul 2024
7,275,452
111,626
477,745
84,772
271,488
8,221,083
------------
---------
---------
--------
---------
------------
Depreciation
At 1 Aug 2023
654,443
71,708
277,745
63,148
271,488
1,338,532
Charge for the year
146,106
9,549
41,615
6,092
203,362
Disposals
( 18,468)
( 18,468)
------------
---------
---------
--------
---------
------------
At 31 Jul 2024
800,549
81,257
300,892
69,240
271,488
1,523,426
------------
---------
---------
--------
---------
------------
Carrying amount
At 31 Jul 2024
6,474,903
30,369
176,853
15,532
6,697,657
------------
---------
---------
--------
---------
------------
At 31 Jul 2023
6,554,410
20,108
162,135
18,147
6,754,800
------------
---------
---------
--------
---------
------------
Included in land and buildings is £500,000 (2023: £500,000) of land which is not depreciated. Included in land and buildings are freehold and investment properties. As at 31 July 2024 the company held freehold investment properties with estimated fair values, including property improvements, of £1,898,750 (2023: £1,898,750) based on the directors' best estimates after taking advice from local agents. The historical cost of the freehold investment property included in land and buildings is £1,681,410 (2023: £1,681,410). Included within the net book value of motor vehicles above is £75,479 (2023: £81,784) of assets held under hire purchase contracts.
7. Debtors
2024
2023
£
£
Trade debtors
877,152
656,118
Amounts owed by group undertakings and undertakings in which the company has a participating interest
139,096
33,223
Other debtors
69,332
76,537
------------
---------
1,085,580
765,878
------------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
33,125
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,190,531
930,902
Trade creditors
277,131
565,384
Amounts owed to group undertakings and undertakings in which the company has a participating interest
132,568
Social security and other taxes
774,306
771,158
Other creditors
672,226
215,778
------------
------------
3,046,762
2,483,222
------------
------------
The bank loans and overdraft are secured on the company's freehold investment properties and a fixed and floating charge over all of the company's assets. Included in other creditors above are £23,799 (2023: £14,036) of hire purchase obligations which are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,281,671
2,431,582
Other creditors
1,084,193
1,040,533
------------
------------
3,365,864
3,472,115
------------
------------
The bank loans and overdraft are secured on the company's freehold investment properties and a fixed and floating charge over all of the company's assets. Included in other creditors above are £12,790 (2023: £25,490) of hire purchase obligations which are secured on the assets concerned. Included within bank loans above is an amount of £1,555,037 (2023: £1,984,329) in respect of liabilities payable or repayable by installments which fall due for payment after more than five years from the reporting date.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases amount to £Nil (2023: £3,929)
11. Directors' advances, credits and guarantees
During the current and previous year the company operated a loan account on behalf of a director. Interest was charged at the HMRC official rate on any overdrawn balances exceeding the exempt benefit in kind threshold and there are no fixed repayment terms.
2024 2023
£ £
Advances 14,334 19,703
Repayments 25,613 8,424
Balance due from the director 11,279
During the current and previous year the company operated a loan account on behalf of a director. Interest was charged at the HMRC official rate on any overdrawn balances exceeding the exempt benefit in kind threshold and there are no fixed repayment terms.
2024 2023
£ £
Advances 32,796
Repayments 32,796
12. Related party transactions
During the year a loan from a company connected to the directors was provided to the company of £66,360 (2023: £303,300). During the year repayments of the loan were made of £10,000 (2023: £28,750). As at the balance sheet date the amounts owed by the company were £1,071,403 (2023: £1,015,043). All interest on these loans has been waived for the current and previous year.