Orion Image Limited |
Registered number: |
06953037 |
Abridged Balance Sheet |
as at 31 July 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
- |
|
|
250 |
Tangible assets |
4 |
|
|
31,455 |
|
|
35,255 |
|
|
|
|
31,455 |
|
|
35,505 |
|
Current assets |
Stocks |
|
|
2,222 |
|
|
2,785 |
Debtors |
|
|
8,694 |
|
|
7,756 |
Cash at bank and in hand |
|
|
41,109 |
|
|
53,674 |
|
|
|
52,025 |
|
|
64,215 |
|
Creditors: amounts falling due within one year |
|
|
(97,952) |
|
|
(93,458) |
|
Net current liabilities |
|
|
|
(45,927) |
|
|
(29,243) |
|
Total assets less current liabilities |
|
|
|
(14,472) |
|
|
6,262 |
|
Creditors: amounts falling due after more than one year |
|
|
|
(6,144) |
|
|
(13,345) |
|
Provisions for liabilities |
|
|
|
- |
|
|
(457) |
|
|
Net liabilities |
|
|
|
(20,616) |
|
|
(7,540) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(20,716) |
|
|
(7,640) |
|
Shareholders' funds |
|
|
|
(20,616) |
|
|
(7,540) |
|
|
|
|
|
|
|
|
Continued |
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006. |
|
|
|
|
L G Allwood |
Director |
Approved by the board on 26 April 2025 |
|
Orion Image Limited |
Notes to the Abridged Accounts |
for the year ended 31 July 2024 |
|
|
1 |
Summary of significant accounting policies |
|
|
Basis of preparation |
|
The abridged accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime). The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
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 and is recognised as follows: - Box office revenue on the date of screening - Concessions and takeaway catering sales at point of sale - Screen advertising over the period the advert is shown in the cinemas |
|
|
Intangible fixed assets- Goodwill |
|
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period for writing off goodwill is five years. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
10 % - 20% of net book value per annum |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. |
|
|
Government grants |
|
Revenue grants are accounted using the accrual method and are recognised in income on a systematic basis over the period in which the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support, with no future related costs, are recognised in income in the period in which it becomes receivable. |
|
|
Employee benefits |
|
When employees have rendered service to the company, short term employees benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Going concern |
|
The company has indebtedness to its bank and a company controlled by the director of £13,346 and £19,352 respectively. The company is reliant on the continued support of the bank and the company's director. The director do not consider this support will be withdrawn and that the company can continue trading as a going concern for the foreseeable future |
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
10 |
|
9 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 August 2023 |
3,000 |
|
At 31 July 2024 |
3,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 August 2023 |
2,750 |
|
Provided during the year |
250 |
|
At 31 July 2024 |
3,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2024 |
- |
|
At 31 July 2023 |
250 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Total |
£ |
|
Cost |
|
At 1 August 2023 |
53,453 |
|
At 31 July 2024 |
53,453 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2023 |
18,198 |
|
Charge for the year |
3,800 |
|
At 31 July 2024 |
21,998 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2024 |
31,455 |
|
At 31 July 2023 |
35,255 |
|
|
5 |
Share Capital |
Nominal |
|
2023 |
|
2024 |
|
2023 |
value |
Number |
£ |
£ |
|
Allotted and called up |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
6 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
L G Allwood |
|
Interest free and repayable on demand |
1,000 |
|
- |
|
(1,000) |
|
- |
|
|
|
1,000 |
|
- |
|
(1,000) |
|
- |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Orion Image Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The History Room at Farnham Pottery |
|
Pottery Lane |
|
Wrecclesham, Farnham |
|
Surrey |
|
GU10 4QJ |