1.
General Information
Ornum Technical Services Ltd.
is a private company, limited by shares, incorporated in Scotland, registered number
SC173867
. The registered office is Blacksmith's Croft, Kinellar, AB21 0SG.
The presentation currency of the financial statements is the Pound Sterling (£).
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.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis on the confirmation from the director that the
company will continue to trade for a period of no less than 12 months from the date of this report.
The directors acknowledges the negative balance sheet position and have given assurance that they will continue to support the company in order for it to meet it's obligations as they fall due by making funds available and ensuring that loans from associates are not called on for repayment until the company is in such a position to be able to make repayments.
2.3.
Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
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:
| Fixtures & Fittings |
|
2.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.
2.5.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price
including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Ornum Technical Services Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
2.6.
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.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
4.
Tangible Assets
| Fixtures & Fittings | |
|---|---|
| £ | |
| Cost | |
| As at 1 May 2024 |
|
| Disposals |
( |
| As at 30 April 2025 |
|
| Depreciation | |
| As at 1 May 2024 |
|
| Disposals |
( |
| As at 30 April 2025 |
|
| Net Book Value | |
| As at 30 April 2025 |
|
| As at 1 May 2024 |
|
5.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 May 2024 |
|
| Disposals |
( |
| As at 30 April 2025 |
|
|
NET BOOK VALUE
|
|
|
Fair value at 30 April 2025 is represented by:
|
|
|
£
|
|
|
Valuation in 2017
|
41,012
|
|
Valuation in 2020
|
15,000
|
|
Valuation in 2023
|
26,000
|
|
Valuation in 2024
|
5,000
|
|
Disposal in November 2024
|
(192,012)
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
|
|
Cost
|
0.00
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
Investment property was valued on an open market basis on 29 November 2024 by the director.
Ornum Technical Services Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
6.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income | - |
|
|
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - |
|
|
| Other creditors | - |
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
|
|
|
|
|
||
8.
Secured Creditors
The company has granted standard security in favor of Aldermore Bank PLC over Flat D, 93 Willowbank Road, Aberdeen, AB11 6XD.
The company has also granted a floating charge which was satisfied on 22 February 2025 in favour of Aldermore Bank PLC over 93 Willowbank Road, Aberdeen, AB11 6XD and contains a negative pledge.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - | 98,539 |
9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 May 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 April 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mrs Rhona Munro |
( |
( |
|
- |
( |
| Mr Kevin Munro |
( |
( |
|
- |
( |
The above loan is interest free and has no fixed repayment terms.