REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
ORANO LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
ORANO LIMITED |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Statement of Comprehensive Income | 11 |
Statement of Financial Position | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
ORANO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
First Floor, Davidson House |
Forbury Square |
Reading |
Berkshire |
RG1 3EU |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The directors present their strategic report for the year ended 31 December 2024. |
REVIEW OF BUSINESS |
Safety Performance |
A total of four minor incidents were recorded in 2024, a decrease of one compared to 2023. Of the four incidents recorded, two related to commuting to or from work and none of the incidents resulted in any injury. The decrease of one incident over 2023 continues the overall downward trend in incidents involving injury or illness. All incidents continue to be reviewed for their significance and learning potential. |
Hybrid working arrangements have been formalised, and staff are required to attend for a minimum of two days per week at office locations. Encouragement is being given to attend the offices more than the minimum. |
The Company held its annual Safety Event in June. The majority of staff were able to attend in the offices with others attending remotely. |
The Company holds accreditation for ISO 45001 (Health & Safety) and ISO 14001 (Environment). Audits were held as required and any actions tracked and completed to time. |
As was the case in previous years, HSEE objectives were developed for implementation during the year and were subjected to monthly progress monitoring. Overall achievement against the defined objectives was 92%, which was judged excellent. |
Security Performance |
The Company maintained ISO 27001 Information Security Management System accreditation. |
The Company continues to be certified for its two principal IT networks to the industry cyber security standards Cyber Essentials and Cyber Essentials Plus. |
Business Performance |
2024 produced a similar financial performance compared to 2023 with an Operating Profit of £36.4k reported, as compared to an Operating Loss of £17.8k in 2023. Note the underlying performance in 2023 was a pre-Exceptional Items Operating Profit of £38.3k. |
The Company continued to provide its consultancy and engineering services to its traditional clients in the UK nuclear industry, across key accounts in both the civil nuclear and defence sectors. The Business Development pipeline was strong at year end and despite some delays affecting significant scopes of work Order Intake for 2024 was good at £14.7m. Order Intake for 2023 was £19.1m. Some scopes of work secured in 2023 and 2024 provide a backlog of work for delivery through to at least the end of 2026. |
Overall sales for the year were £13.1m as compared to £11.2m in 2023, an increase of £1.9m (17%). |
Operational margin improved in 2024 compared to 2023, whilst Gross Profit was lower at 18.7% compared to 28.1% in 2023 reflecting several investments in the future of the business. |
The Directors and Senior Leadership Team continued to focus during the year on addressing areas of under-performance within the business and continue to put in place the enablers for improved performance for the future. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
KEY PERFORMANCE INDICATORS |
Two key indicators of the Company's performance are the utilisation rate of its employees and charged hours. |
Orano Limited - Utilisation rate evolution 2023-2024 |
Year | Utilisation rate (%) | Charged Hours |
2023 | 85% | 72,067 |
2024 | 82% | 82,551 |
Turnover, Operating profit and Operating Cash flow are three key indicators of the Company's financial performance. The total operating cash flow includes movement in cash held at bank as well as on the financial current account with Orano SA. |
Orano Limited - Turnover, Operating Result and Operating Cash Flow Evolution 2023-2024 |
Year | Turnover | Operating result | Operating | Operating |
(£'000) | (£'000) | result as a % of | cash flow |
turnover | (£'000) |
2023 | 11,163 | (18 | ) | 0% | (726 | ) |
2024 | 13,093 | 36 | 0.3% | 645 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Risks and uncertainties are reviewed as a part of the overall management arrangements for the Company. These include a monthly Senior Leadership Team meeting joined by the Chairman of the Board of Directors, and Board Meetings held typically three times per year. |
Key external risks affecting the Company's ability to operate successfully include the following: |
a. | Recruitment Plan: The Company continues to set challenging targets to refresh the organisation and maintain a pool of talent suitably sized to meet the anticipated needs of our clients. We continue to observe the trend for relatively easy mobility in employment as well as pressure on the costs of employment. The Company is actively seeking to recruit at best value and employs two internal recruiters. |
b. | Client Governance processes, and time to award: Experience continues to demonstrate that the time taken by key clients to complete Governance processes, and to achieve indicated award dates can be challenging. The Company anticipates, to the best of its ability, the need to build up necessary resources against an uncertain environment. |
c. | Also impacting timely award of contracts is the Spending Review which is both an issue and a risk as the NDA estate in particular reviews how to allocate its funding. |
d. | Cyber Security: The Company recognises that cyber security represents a significant risk to its data and credibility. Across it's networks the Company therefore operates using practices that enables it to maintain both Cyber Essentials Basic and Cyber Essentials Plus certifications. |
Key internal risks affecting the Company's ability to operate successfully include the following: |
a. | Staff retention: The buoyant external recruitment market is presenting a very significant challenge to retaining current staff, and thus has the potential to impact our ability to successfully deliver the project work secured. The risk is mitigated by the reach-back potential to the Orano Projets Business Unit support available from the parent organisation and other Group Business Units in France. |
ON BEHALF OF THE BOARD: |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The directors present their report with the financial statements of the Company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The company continues to provide a range of technical, engineering, and decommissioning support services to a range of clients working in the nuclear industry. These services include all stages of design of new facilities through to the development of detailed decommissioning strategies. |
Principal clients include the Nuclear Decommissioning Authority (NDA), Site Licence Companies (SLCs) within the NDA estate, including Sellafield Limited (SL), Nuclear Restoration Services (formerly Dounreay and Magnox) (NRS), and the Atomic Weapons Establishment (AWE). New customers include UKNNL and UKAEA. Work is delivered via a range of commercial Framework agreements in conjunction with other partner organisations. |
DIRECTORS' VIEW OF NON-UK STAFF EMPLOYMENT |
The Company has historically provided foreign nationals with employment on long term and short-term assignments. It is the intention to continue to, where appropriate, offer such employment opportunities fully compliant with the processes and procedures of the UK Visa and Immigration service. |
DIVIDENDS |
The Directors do not recommend a dividend in respect of the year ended 31 December 2024. No dividends were paid in respect of the year ended 31 December 2023. |
FUTURE DEVELOPMENTS |
The Directors will continue to actively promote and develop Orano Limited as the UK delivery platform for the full range of Orano's capabilities and will seek to develop existing and new client relationships to grow the Company. |
Initiatives continue to facilitate closer working relationships between Orano Limited and Orano Projets (OP) and other Business Units including Orano Recyclage (OR) and Orano Dismantling and Services (ODS) in France, in particular recognising the growth in the number of projects requiring a combination of both UK and French based resources to enable successful delivery. |
In order to support sustainable business growth the Company is exploring all available levers, both organically and externally through targeted acquisitions. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FINANCIAL RISK MANAGEMENT |
The Company's operations expose it to a variety of financial risks that include: |
Credit risk |
The Company trades only with recognised, credit worthy customers. Customer balances are checked regularly to ensure that the risk of exposure to bad debts is minimised. |
Liquidity and cash flow risk |
The Company has agreement to financial support from the ultimate parent company. The Board actively manages the liquidity risk through detailed budgets and the monitoring of the actual performance on a monthly basis and are reviewed at regular management meetings and Board meetings, where any revisions deemed necessary are made. |
Interest rate risk |
A short-term finance facility is available from the parent company, and interest rate risk is mitigated by treasury agreements when required with the parent company. |
Foreign currency risk |
The Company buys and sells goods and services predominately in Sterling, with a significant amount in Euros associated with other Orano Business Units and only in a small proportion in US Dollars. Where appropriate risk to exchange rate fluctuations is managed through hedging agreements with the parent company treasury function. |
GOING CONCERN |
The Company's business activities together with the factors likely to affect the future development, performance and position are set out above. The Company's viability to continue as a going concern is assessed in conjunction with the parent and is dependent upon the ability of the group companies to settle their intercompany balances with the Company and to provide funds for working capital needs. |
The Directors are satisfied, after appropriate consultation with the parent company Orano Projets SAS and review of the group's forecasts and projections, taking account of recoverable and possible changes in trading performance and the current funds available that the Company is able to operate within its current level of facilities for the foreseeable future, for this reason the Company continued to adopt the going concern basis. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DISCLOSURE OF INFORMATION TO AUDITORS |
Each Director has taken the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information (as defined by Section 418 of the Companies Act 2006) and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information they know of and of which they know the auditors are unaware. |
AUDITORS |
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 30th September 2024. Haines Watts resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORANO LIMITED |
Opinion |
We have audited the financial statements of Orano Limited (the 'Company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Reporting on Other Information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORANO LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORANO LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK. |
We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included: |
- | Challenging assumptions and judgements made by management in its significant accounting estimates; |
- | Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations; |
- | Confirming with management whether they have knowledge of any actual, suspected or illegal fraud; |
- | Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud. |
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORANO LIMITED |
Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
First Floor, Davidson House |
Forbury Square |
Reading |
Berkshire |
RG1 3EU |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 5 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT/(LOSS) | 7 | ( |
) |
Interest receivable and similar income |
36,364 | (17,795 | ) |
Interest payable and similar expenses | 9 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 10 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR |
( |
) |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2023 | ( |
) |
Changes in equity |
Total comprehensive loss | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2024 | ( |
) |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Orano Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements are prepared on a going concern basis, under the historical cost convention. |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant are disclosed in Note 4. |
Going concern |
After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation that it has adequate resources to continue as a going concern for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
Related party exemption |
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover recognition |
Sale of services |
The Company provides safety consultancy services and a range of engineering and decommissioning support services in the nuclear industry. Turnover is recognised in the accounting period in which the services are rendered, when the outcome of the contract can be estimated reliably. Turnover from the contracts for the provision of professional services is recognised by reference to the value of work performed and expenses incurred. Work performed is calculated from recorded hours on the contract and allocated expenses incurred in the period or by the measure of target milestones achieved. |
As a result of the UK Restructuring in 2021, turnover now includes the provision of shared services, in the form of Business Development, Finance and HR, mainly within the Orano Group and related parties. Turnover from the contracts of the provision of shared services is recognised by reference to the value of fixed contractual agreements and direct expenses. Turnover is recognised to the extent of recoverable expenses, when the outcome of a contract cannot be estimated reliably. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including amounts not invoiced. |
For service contracts with volume discounts, turnover is measured at the prices specified in the sales contract, net of estimated volume discounts. Volume discounts are assessed based on actual purchases and recognised in the accounting period in which the contracted volume is met. |
Sales are normally made with a credit term of 30 days. The element of financing is deemed immaterial and is disregarded in the measurement of turnover. |
Goodwill |
Goodwill was created as part of the UK Restructuring of Orano UK Limited and Orano Limited in 2021. This relates to the expertise and experience of the workforce, customer relationships and the economies of scale that will arise from combining the operations of the two UK businesses and have finite useful lives. It is measured at cost less accumulated amortisation and any accumulated impairment losses. |
Amortisation and impairment |
Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognised in the |
Income Statement. |
The estimated useful life of intangible assets is 10 years. |
At each reporting date, the Directors review the accruing amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. Goodwill is reviewed annually for impairment. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
Furniture, fittings & equipment |
Furniture, fittings and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation and residual value |
Depreciation is calculated using the straight-line method; to allocate the cost of their residual values over their estimated useful lives, as follows: |
- Leasehold property | over the period of the lease |
- Furniture, fittings and equipment | over periods up to 4 years |
The assets' residual values, useful lives and depreciation models are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
Subsequent additions and major components |
Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably. |
The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
Repairs, maintenance and minor inspection costs are expensed as incurred. |
Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in Statement of Comprehensive Income. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments, An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the Company is presented as a liability in the Statement of Financial Position. The corresponding dividends relating to the liability component are charged as interest expense in the Statement of Comprehensive Income. |
The Company's principal financial assets include trade debtors, related party receivables and cash and cash equivalents. |
The Company's principal financial liabilities include trade payables and related party payables. The Company does not have financial instruments that are subject to fair value remeasurement through either the Statement of Comprehensive Income or Statement of Changes in Equity. |
Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
Financial liabilities |
Basic financial liabilities, including trade and other payables and loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive Income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. |
Deferred tax arises from timing differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. |
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Foreign currency transactions and balances |
Foreign currency transactions are translated into Sterling using the spot exchange rates at the dates of the transactions. Spot exchange rates are determined for the Group using Bank of France published rates. |
At each period end foreign currency monetary items are translated using the closing rate. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income. |
Operating leases |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. |
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the period of the lease. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Employee benefits |
The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. |
Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received, |
Defined contribution pension plans |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in creditors in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. |
Annual bonus plan |
The Company operates an annual bonus plan for employees. An expense is recognised in the Income Statement when the Company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset. |
The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. |
If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Statement of Comprehensive Income, unless the asset has been revalued when the amount is recognised in Statement of Financial Position to the extent of any previously recognised revaluation. |
Thereafter any excess is recognised in the Statement of Financial Position |
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the Statement of Comprehensive Income. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash in hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Provisions and contingencies |
Provisions |
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. |
Contingencies |
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Company's control. Contingent liabilities are disclosed in the financial statements unless the probability of the outflow of resources is remote. |
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable. |
4. | CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Estimating the work in progress of ongoing projects at the year end |
The Company recognises its revenue with reference to the hours worked on projects. When assessing the work in progress of projects, management consider factors such as the time spent and expenses incurred on the project to date, the expected mark-up to be achieved on the project. |
Deferred tax |
The Company recognises deferred income tax assets on carried forward tax losses to the extent there are sufficient estimated future taxable profits and/or taxable temporary differences against which the tax losses can be utilised. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
5. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the Company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Europe |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 64 | 57 |
Administration and support | 43 | 32 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
6. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
7. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
In addition to the audit fees charged to the Company, the auditors charged £15,000 to the parent company (2023: £15,000). |
8. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | - | (56,128 | ) |
J Storer retired as Managing Director during 2023 and D Batters was appointed as his replacement, with a handover period of 3 months The duplicate costs incurred during this transition period are deemed to be an exceptional item. |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest |
10. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
UK corporation tax was charged at 23.50%) in 2023. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
10. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
timing differences |
Arising from effect of unrelieved tax losses carried forward | - | (4,530 | ) |
Total tax credit | - | (4,530 | ) |
11. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Amortisation for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
13. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Accrued income |
Prepayments |
Amounts falling due after more than one year: |
Deferred tax asset | 987,610 | 987,610 |
Aggregate amounts |
Amounts owed by related parties are interest free, have no fixed date of repayment and are repayable on demand. Cash pooling interest has been set at 0.5% plus daily euribor rates. |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Deferred income |
Accrued expenses |
Amounts owed to related parties are interest free, except for cash pooling where interest has been charged at 3.3% plus daily euribor rate, have no fixed repayment date and are repayable on demand. |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The Company had no other off-balance sheet arrangements. |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 2,240,222 | 2,240,222 |
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2024 | ( |
) | (110,746 | ) |
Profit for the year |
At 31 December 2024 | ( |
) | (88,056 | ) |
ORANO LIMITED (REGISTERED NUMBER: 01303570) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
18. | PENSION COMMITMENTS |
The Company provides a defined contribution pension scheme for its employees. The amount recognised as an expense for the defined contribution scheme was £503,504 (2023: £426,849). |
Contributions totalling £154,491 (2023: £16,449) were payable to the scheme at the end of the year and are included in other creditors on the balance sheet. |
19. | ULTIMATE PARENT COMPANY |
Orano SA (incorporated in France ) is regarded by the directors as being the Company's ultimate parent company. |
Copies of consolidated financial statements can be obtained from the Company Secretary at: 125 Avenue de Paris, Immeuble PRISME, 92320 CHATILLON, France. |
The ultimate controlling party is Orano SA, whose shares are listed on the Euronext Paris. |
The immediate parent undertaking is Orano Projets SAS. |