Acorah Software Products - Accounts Production 16.2.850 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 10344924 Mr Patrick Lawrence iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10344924 2023-07-31 10344924 2024-07-31 10344924 2023-08-01 2024-07-31 10344924 frs-core:CurrentFinancialInstruments 2024-07-31 10344924 frs-core:Non-currentFinancialInstruments 2024-07-31 10344924 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 10344924 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-01 2024-07-31 10344924 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 10344924 frs-core:MotorVehicles 2024-07-31 10344924 frs-core:MotorVehicles 2023-08-01 2024-07-31 10344924 frs-core:MotorVehicles 2023-07-31 10344924 frs-core:PlantMachinery 2024-07-31 10344924 frs-core:PlantMachinery 2023-08-01 2024-07-31 10344924 frs-core:PlantMachinery 2023-07-31 10344924 frs-core:ShareCapital 2024-07-31 10344924 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 10344924 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10344924 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 10344924 frs-bus:SmallEntities 2023-08-01 2024-07-31 10344924 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 10344924 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 10344924 frs-bus:Director1 2023-08-01 2024-07-31 10344924 frs-countries:EnglandWales 2023-08-01 2024-07-31 10344924 2022-07-31 10344924 2023-07-31 10344924 2022-08-01 2023-07-31 10344924 frs-core:CurrentFinancialInstruments 2023-07-31 10344924 frs-core:Non-currentFinancialInstruments 2023-07-31 10344924 frs-core:ShareCapital 2023-07-31 10344924 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 10344924
Orbis Medics Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10344924
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 23,865 27,842
Tangible Assets 5 42,221 2,791
66,086 30,633
CURRENT ASSETS
Debtors 6 134,554 152,792
Cash at bank and in hand 8,869 44,643
143,423 197,435
Creditors: Amounts Falling Due Within One Year 7 (34,798 ) (60,250 )
NET CURRENT ASSETS (LIABILITIES) 108,625 137,185
TOTAL ASSETS LESS CURRENT LIABILITIES 174,711 167,818
Creditors: Amounts Falling Due After More Than One Year 8 (8,144 ) (18,036 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (448 ) -
NET ASSETS 166,119 149,782
CAPITAL AND RESERVES
Called up share capital 9 100,070 100,070
Profit and Loss Account 66,049 49,712
SHAREHOLDERS' FUNDS 166,119 149,782
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Patrick Lawrence
Director
28 April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Orbis Medics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10344924 . The registered office is The Incuba, 1 Brewers Hill Road, Dunstable, Bedfordshire, LU6 1AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, of 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 4 years straight line
Motor Vehicles 5 years straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Development Costs
£
Cost
As at 1 August 2023 39,775
As at 31 July 2024 39,775
Amortisation
As at 1 August 2023 11,933
Provided during the period 3,977
As at 31 July 2024 15,910
Net Book Value
As at 31 July 2024 23,865
As at 1 August 2023 27,842
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2023 17,990 - 17,990
Additions 1,317 53,674 54,991
As at 31 July 2024 19,307 53,674 72,981
Depreciation
As at 1 August 2023 15,199 - 15,199
Provided during the period 4,826 10,735 15,561
As at 31 July 2024 20,025 10,735 30,760
Net Book Value
As at 31 July 2024 (718 ) 42,939 42,221
As at 1 August 2023 2,791 - 2,791
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 87,721 111,729
Prepayments and accrued income 833 923
Other debtors 46,000 40,140
134,554 152,792
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,716 8,283
Bank loans and overdrafts 10,000 10,108
Corporation tax 8,401 6,933
Other taxes and social security 4,173 5,742
VAT - 111
Net wages 3,679 1,305
Other creditors 181 25,265
Accruals and deferred income 2,331 1,276
Director's loan account 317 1,227
34,798 60,250
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,144 18,036
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100,070 100,070
10. Related Party Transactions
Included within Other Debtors is the amount of £4,900 (2023: £25,101 in other creditors) owed by a related party, Orbis Managed Solutions Limited.
Page 5