Project Orange Limited 31/08/2020 iXBRL

Project Orange Limited 31/08/2020 iXBRL

PROJECT ORANGE LIMITED - Company Information

Print Friendly Version

31/08/2020 2020-08-31 false false false false false false false false false false true false false true false false false false false true false false No description of principal activities is disclosed 2019-09-01 Sage Accounts Production 18.1 - FRS xbrli:pure xbrli:shares iso4217:GBP 03426218 2019-09-01 2020-08-31 03426218 2020-08-31 03426218 2019-08-31 03426218 2018-09-01 2019-08-31 03426218 2019-08-31 03426218 2018-08-31 03426218 core:LandBuildings core:ShortLeaseholdAssets 2019-09-01 2020-08-31 03426218 core:FurnitureFittingsToolsEquipment 2019-09-01 2020-08-31 03426218 bus:RegisteredOffice 2019-09-01 2020-08-31 03426218 bus:Director1 2019-09-01 2020-08-31 03426218 bus:Director2 2019-09-01 2020-08-31 03426218 bus:CompanySecretary1 2019-09-01 2020-08-31 03426218 core:LandBuildings core:LongLeaseholdAssets 2019-08-31 03426218 core:FurnitureFittingsToolsEquipment 2019-08-31 03426218 core:MotorVehicles 2019-08-31 03426218 core:FurnitureFittingsToolsEquipment 2020-08-31 03426218 core:MotorVehicles 2020-08-31 03426218 core:WithinOneYear 2020-08-31 03426218 core:WithinOneYear 2019-08-31 03426218 core:LandBuildings core:LongLeaseholdAssets 2019-09-01 2020-08-31 03426218 core:ShareCapital 2020-08-31 03426218 core:ShareCapital 2019-08-31 03426218 core:RetainedEarningsAccumulatedLosses 2020-08-31 03426218 core:RetainedEarningsAccumulatedLosses 2019-08-31 03426218 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2020-08-31 03426218 core:CostValuation core:Non-currentFinancialInstruments 2020-08-31 03426218 core:Non-currentFinancialInstruments 2020-08-31 03426218 core:LandBuildings core:LongLeaseholdAssets 2019-08-31 03426218 core:FurnitureFittingsToolsEquipment 2019-08-31 03426218 core:MotorVehicles 2019-08-31 03426218 bus:Director1 2020-08-31 03426218 bus:Director2 2019-08-31 03426218 bus:Director2 2020-08-31 03426218 bus:Director1 2018-08-31 03426218 bus:Director2 2018-08-31 03426218 bus:Director2 2019-08-31 03426218 bus:Director1 2018-09-01 2019-08-31 03426218 bus:Director2 2018-09-01 2019-08-31 03426218 bus:SmallEntities 2019-09-01 2020-08-31 03426218 bus:AuditExempt-NoAccountantsReport 2019-09-01 2020-08-31 03426218 bus:FullAccounts 2019-09-01 2020-08-31 03426218 bus:SmallCompaniesRegimeForAccounts 2019-09-01 2020-08-31 03426218 bus:PrivateLimitedCompanyLtd 2019-09-01 2020-08-31 03426218 core:ParentEntities 2019-09-01 2020-08-31
Company registration number: 03426218
Project Orange Limited
Unaudited filleted financial statements
31 August 2020
Project Orange Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Project Orange Limited
Directors and other information
Directors C. D. Ash
J. M. M. Soane
Secretary C. D. Ash
Company number 03426218
Registered office Unit 7
74-84 Banner Street
London
EC1Y 8JU
Business address 1st Floor Cosmopolitan House
10A Christina Street
London
EC2A 4PA
Project Orange Limited
Statement of financial position
31 August 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 26,273 572,943
Investments 6 557,600 -
_______ _______
583,873 572,943
Current assets
Debtors 7 176,752 105,854
Cash at bank and in hand 459,764 473,387
_______ _______
636,516 579,241
Creditors: amounts falling due
within one year 8 ( 64,277) ( 64,522)
_______ _______
Net current assets 572,239 514,719
_______ _______
Total assets less current liabilities 1,156,112 1,087,662
Provisions for liabilities ( 2,430) ( 150)
_______ _______
Net assets 1,153,682 1,087,512
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,153,582 1,087,412
_______ _______
Shareholders funds 1,153,682 1,087,512
_______ _______
For the year ending 31 August 2020 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 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 11 October 2020 , and are signed on behalf of the board by:
C. D. Ash J. M. M. Soane
Director Director
Company registration number: 03426218
Project Orange Limited
Notes to the financial statements
Year ended 31 August 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, 74-84 Banner Street, London, EC1Y 8JU.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.When the outcome of a transaction involving the rendering of services 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - 2 % straight line
Fittings fixtures and equipment - 33 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.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 or 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 9 (2019: 10 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2019 606,088 112,205 36,930 755,223
Additions - 27,948 - 27,948
Disposals ( 606,088) - - ( 606,088)
_______ _______ _______ _______
At 31 August 2020 - 140,153 36,930 177,083
_______ _______ _______ _______
Depreciation
At 1 September 2019 48,488 96,863 36,929 182,280
Charge for the year - 17,018 - 17,018
Disposals ( 48,488) - - ( 48,488)
_______ _______ _______ _______
At 31 August 2020 - 113,881 36,929 150,810
_______ _______ _______ _______
Carrying amount
At 31 August 2020 - 26,272 1 26,273
_______ _______ _______ _______
At 31 August 2019 557,600 15,342 1 572,943
_______ _______ _______ _______
6. Investments
Loans to group undertakings and participating interests Total
£ £
Cost
At 1 September 2019 - -
Additions 557,600 557,600
_______ _______
At 31 August 2020 557,600 557,600
_______ _______
Impairment
At 1 September 2019 and 31 August 2020 - -
_______ _______
Carrying amount
At 31 August 2020 557,600 557,600
_______ _______
At 31 August 2019 - -
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors 174,576 102,634
Other debtors 2,176 3,220
_______ _______
176,752 105,854
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 658 340
Corporation tax 32,774 48,156
Social security and other taxes 25,280 12,356
Other creditors 5,565 3,670
_______ _______
64,277 64,522
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
C. D. Ash - 1,176 - 1,176
J. M. M. Soane ( 450) - ( 470) ( 920)
_______ _______ _______ _______
( 450) 1,176 ( 470) 256
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
C. D. Ash 1,013 - ( 1,013) -
J. M. M. Soane 563 - ( 1,013) ( 450)
_______ _______ _______ _______
1,576 - ( 2,026) ( 450)
_______ _______ _______ _______
10. Related party transactions
At the balance sheet date £557,600 was due from its parent company.During the year ended 31/08/2020 the company transferred the ownership of a leasehold property to its parent company at net book value.
11. Controlling party
The parent company is Fifty Fifty Holdings Limited, a company incorporated in England and Wales.