Oro Labs UK Limited 31/12/2024 iXBRL

Company registration number: 13037219

Oro Labs UK Limited

(Formerly known as Procuretech Limited)

Unaudited filleted financial statements

31 December 2024

Oro Labs UK Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Oro Labs UK Limited

Directors and other information


Directors	Mr William Lancelot Younger	(Resigned 17 March 2025) (Appointed 23 April 2025)
	Mr Mark Robin Gillett	(Resigned 17 March 2025)
	Mrs Lalitha Rajagopalan	(Appointed 17 March 2025)
	Mr Sudhir Bhojwani	(Appointed 17 March 2025)


Company number	13037219


Registered office	7 Pancras Square
	London
	N1C 4AG

Oro Labs UK Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	17,259		1,343
		_______		_______
			17,259		1,343

Current assets
Debtors	6	1,219,518		650,368
Cash at bank and in hand		466,060		71,342
		_______		_______
		1,685,578		721,710
Creditors: amounts falling due
within one year	7	( 981,230)		( 418,913)
		_______		_______
Net current assets			704,348		302,797
			_______		_______
Total assets less current liabilities			721,607		304,140

			_______		_______
Net assets			721,607		304,140
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			721,606		304,139
			_______		_______
Shareholders funds			721,607		304,140
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 10 August 2025 , and are signed on behalf of the board by:

Mr William Lancelot Younger

Director

Company registration number: 13037219

Oro Labs UK Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Pancras Square, London, N1C 4AG. The company was formerly known as Procuretech Limited. The name of the company was changed to Oro Labs UK Limited on 28 April 2025.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2023: 11 ).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2024	2,165	2,165
Additions	19,971	19,971
	_______	_______
At 31 December 2024	22,136	22,136
	_______	_______
Depreciation
At 1 January 2024	822	822
Charge for the year	4,055	4,055
	_______	_______
At 31 December 2024	4,877	4,877
	_______	_______
Carrying amount
At 31 December 2024	17,259	17,259
	_______	_______
At 31 December 2023	1,343	1,343
	_______	_______

6. Debtors

	2024	2023
	£	£
Trade debtors	553,597	408,643
Other debtors	665,921	241,725
	_______	_______
	1,219,518	650,368
	_______	_______

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	15,019	422
Corporation tax	177,692	96,374
Social security and other taxes	230,893	147,133
Other creditors	557,626	174,984
	_______	_______
	981,230	418,913
	_______	_______

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr William Lancelot Younger	76,725	-	( 76,725)	-
		_______	_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr William Lancelot Younger	( 77,190)	76,725	77,190	76,725
		_______	_______	_______	_______