| ORION HOLIDAYS LIMITED | |||||||||||
| UNAUDITED FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED | |||||||||||
| 30 SEPTEMBER 2024 | |||||||||||
| Company Registration Number: 03824156 | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| UNAUDITED FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| CONTENTS | PAGES | ||||||||||
| Company information | 1 | ||||||||||
| Balance sheet | 2 to 3 | ||||||||||
| Notes to the financial statements | 4 to 11 | ||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| COMPANY INFORMATION | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| DIRECTOR | |||||||||||
| SECRETARY | |||||||||||
| REGISTERED OFFICE | |||||||||||
| COMPANY REGISTRATION NUMBER | |||||||||||
| 03824156 England and Wales | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| BALANCE SHEET | |||||||||||
| AS AT 30 SEPTEMBER 2024 | |||||||||||
| Notes | 2024 | 2023 | |||||||||
| £ | £ | ||||||||||
| FIXED ASSETS | |||||||||||
| Intangible assets | 5 | ||||||||||
| Tangible assets | 6 | ||||||||||
| CURRENT ASSETS | |||||||||||
| Stock | |||||||||||
| Debtors | 7 | ||||||||||
| Cash at bank and in hand | |||||||||||
| CREDITORS: Amounts falling due within one year | 8 | ||||||||||
| NET CURRENT ASSETS | |||||||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
| CREDITORS: Amounts falling due after more than one year | 9 | ||||||||||
| Provisions for liabilities and charges | |||||||||||
| NET ASSETS | |||||||||||
| CAPITAL AND RESERVES | |||||||||||
| Called up share capital | |||||||||||
| Distributable profit and loss account | |||||||||||
| SHAREHOLDERS' FUNDS | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| BALANCE SHEET | |||||||||||
| AS AT 30 SEPTEMBER 2024 | |||||||||||
| As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
| Signed on behalf of the board | |||||||||||
| Mr M D Thomas | |||||||||||
| Director | |||||||||||
| Date approved by the board: |
|||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 1 | GENERAL INFORMATION | ||||||||||
| Orion Holidays Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: | |||||||||||
| The Gateway Centre | |||||||||||
| Spine Road East | |||||||||||
| South Cerney | |||||||||||
| Cirencester | |||||||||||
| GL7 5TL | |||||||||||
| 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
| Basis of preparation of financial statements | |||||||||||
| Revenue recognition | |||||||||||
| Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of holiday home rental services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax. | |||||||||||
| The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. | |||||||||||
| Intangible fixed assets | |||||||||||
| Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It was amortised on a straight-line basis over its useful economic life of four years and was fully amortised at 30 September 2023. | |||||||||||
| Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. | |||||||||||
| Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years. | |||||||||||
| 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 expectations. | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
| Tangible fixed assets | |||||||||||
| Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
| Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
| Fixtures and fittings | |||||||||||
| Motor vehicles | |||||||||||
| On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
| Financial Instruments | |||||||||||
| The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. | |||||||||||
| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
| Impairment of non-financial assets | |||||||||||
| At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
| Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
| If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
| Stock | |||||||||||
| Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis. | |||||||||||
| 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, less any impairment. | |||||||||||
| Creditors | |||||||||||
| Leases | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
| Taxation | |||||||||||
| 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 taxable profits. | |||||||||||
| Deferred tax is measured using 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. | |||||||||||
| Borrowing costs | |||||||||||
| Pensions | |||||||||||
| Employee benefits | |||||||||||
| Short term employee benefits are recognised as an expense in the period in which they are incurred. | |||||||||||
| 3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
| No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements. | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 4 | EMPLOYEES | ||||||||||
| The average number of persons employed by the company (including the director) during the year was: | |||||||||||
| 2024 | 2023 | ||||||||||
| Average number of employees | |||||||||||
| 5 | INTANGIBLE FIXED ASSETS | ||||||||||
| Net goodwill | Website development | Total | |||||||||
| £ | £ | £ | |||||||||
| Cost | |||||||||||
| At 1 October 2023 | 205,820 | ||||||||||
| At 30 September 2024 | 205,820 | ||||||||||
| Accumulated amounts written off | |||||||||||
| At 1 October 2023 | 155,974 | ||||||||||
| Charge for year | - | ||||||||||
| At 30 September 2024 | 167,051 | ||||||||||
| Net book value | |||||||||||
| At 1 October 2023 | - | ||||||||||
| At 30 September 2024 | - | ||||||||||
| Goodwill relates to the incorporation of Orion Holidays Limited. It is being amortised over its useful economic life, estimated to be 20 years. | |||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 6 | TANGIBLE ASSETS | ||||||||||
| Fixtures and fittings | Motor vehicles | Total | |||||||||
| £ | £ | £ | |||||||||
| Cost | |||||||||||
| At 1 October 2023 | |||||||||||
| Additions | - | ||||||||||
| Disposals | ( |
- | ( |
||||||||
| At 30 September 2024 | |||||||||||
| Accumulated depreciation and impairments | |||||||||||
| At 1 October 2023 | |||||||||||
| Charge for year | 9,113 | ||||||||||
| Disposals | ( |
- | ( |
||||||||
| At 30 September 2024 | |||||||||||
| Net book value | |||||||||||
| At 1 October 2023 | |||||||||||
| At 30 September 2024 | |||||||||||
| 7 | DEBTORS | ||||||||||
| 2024 | 2023 | ||||||||||
| £ | £ | ||||||||||
| Trade debtors | |||||||||||
| Prepayments and accrued income | |||||||||||
| Other debtors | |||||||||||
| 100,649 | 89,361 | ||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 8 | CREDITORS: Amounts falling due within one year | ||||||||||
| 2024 | 2023 | ||||||||||
| £ | £ | ||||||||||
| Bank loans and overdrafts | |||||||||||
| Trade creditors | |||||||||||
| Taxation and social security | |||||||||||
| Accruals and deferred income | |||||||||||
| Other creditors | |||||||||||
| 524,373 | 407,957 | ||||||||||
| 9 | CREDITORS: Amounts falling due after more than one year | ||||||||||
| 2024 | 2023 | ||||||||||
| £ | £ | ||||||||||
| Bank loans and overdrafts | |||||||||||
| 10 | CONTINGENCIES AND COMMITMENTS | ||||||||||
| Other Commitments | |||||||||||
| Amounts falling due under operating leases: | 2024 | 2023 | |||||||||
| £ | £ | ||||||||||
| In less than one year | |||||||||||
| In more than one but less than five years | |||||||||||
| In more than five years | |||||||||||
| 84,129 | 93,063 | ||||||||||
| ORION HOLIDAYS LIMITED | |||||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 | |||||||||||
| 11 | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES | ||||||||||
| The following director's advances, credits and guarantees took place during the year: | |||||||||||
| Balance at 1 October 2023 | Amounts advanced | Amounts repaid | Amounts written off or waived | Balance at 30 September 2024 | |||||||
| £ | £ | £ | £ | £ | |||||||
| Mr M D Thomas | - | ||||||||||
| Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand. | |||||||||||
| 12 | RELATED PARTY TRANSACTIONS | ||||||||||
| During the year, the following transactions with related parties took place: | |||||||||||
| Employee and relative of the director | 2024 | 2023 | |||||||||
| £ | £ | ||||||||||
| Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand. | |||||||||||