Company registration number 08456118 (England and Wales)
ORANGE EST8 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ORANGE EST8 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ORANGE EST8 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
304,416
328,331
Investment property
4
5,960,000
13,365,000
Investments
5
500,050
500,050
6,764,466
14,193,381
Current assets
Debtors
6
4,225,322
3,248,182
Cash at bank and in hand
34,850
58,561
4,260,172
3,306,743
Creditors: amounts falling due within one year
7
(3,322,222)
(2,966,019)
Net current assets
937,950
340,724
Total assets less current liabilities
7,702,416
14,534,105
Creditors: amounts falling due after more than one year
8
(5,463,592)
(10,530,297)
Provisions for liabilities
(419,569)
(615,061)
Net assets
1,819,255
3,388,747
Capital and reserves
Called up share capital
9
1
1
Revaluation reserve
10
1,267,964
2,631,361
Profit and loss reserves
11
551,290
757,385
Total equity
1,819,255
3,388,747
ORANGE EST8 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on
24 March 20252025-03-24
R Russo
Director
Company registration number 08456118 (England and Wales)
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Orange Est8 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Albert House, 1 Albert Street, Loughborough, Leicestershire, LE11 2DW.
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 £.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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.
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:
Freehold land and buildings
at fair value
Leasehold land and buildings
10% straight line
Motor vehicles
15% 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.
1.4
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
465,322
80,000
545,322
Additions
80,731
80,731
Disposals
(80,000)
(80,000)
At 31 March 2024
465,322
80,731
546,053
Depreciation and impairment
At 1 April 2023
192,591
24,400
216,991
Depreciation charged in the year
46,046
4,700
50,746
Eliminated in respect of disposals
(26,100)
(26,100)
At 31 March 2024
238,637
3,000
241,637
Carrying amount
At 31 March 2024
226,685
77,731
304,416
At 31 March 2023
272,731
55,600
328,331
4
Investment property
2024
£
Fair value
At 1 April 2023
13,365,000
Transfers
(5,846,111)
Revaluations
(1,558,889)
At 31 March 2024
5,960,000
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
50
50
Other investments other than loans
500,000
500,000
500,050
500,050
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,225,322
3,248,182
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
48,140
81,023
Trade creditors
460
2,082
Corporation tax
10,291
Other taxation and social security
2,340
2,463
Other creditors
3,271,282
2,870,160
3,322,222
2,966,019
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,266,942
6,205,026
Other creditors
3,196,650
4,325,271
5,463,592
10,530,297
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
ORANGE EST8 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,631,361
1,189,130
Deferred tax on revaluation of tangible assets
195,492
(338,301)
Other movements
(1,558,889)
1,780,532
At the end of the year
1,267,964
2,631,361
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
757,385
758,068
(Loss)/profit for the year
(97,491)
88,317
Dividends declared and paid in the year
(81,700)
(89,000)
Other
(26,904)
-
At the end of the year
551,290
757,385